1. What is the prime concern of Economics and why?
Resources Allocation is the prime concern of economics because resources are scarce.
2. Discuss the two main branches of Economics.
Micro – the study of behavior of individuals
Macro – the study of national and international economy.
3. Why do we have to study the concept of alternative foregone or Opportunity Cost in Economics?
We can’t afford to have everything – we are forced to make choices among the alternative. The cost of that choice is OC. It is the value of the lost opportunity to pursue the best alternative activity with the same resopurces.
LEKIMA
About Me
- LEKIMA NALAUKAI
- Port Villa, Vanuatu
- Born on Viti Levu in Fiji and had primary and secondary school there. Attended university in Fiji teaching Economics at the University of the South Pacific. Heavily involved in Youth Development at church especially in leadership training. Married to Mele.
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