Economics then is the study of how society’s scarce resources are used (administered) to obtain the greatest satisfaction of its material wants. To be efficient in the use of its resources an economy must achieve both full employment and full production
Economics then is the study of how society’s scarce resources are used (administered) to obtain the greatest satisfaction of its material wants. To be efficient in the use of its resources an economy must achieve both full employment and full production
Full employment means that the economy is using all available resources.
Full production means that all resources used for production should contribute to the maximum satisfaction of society’s material wants