Daily daily daily blog

daily blog, this is the words i hear and see most frequently since i came to UK. So, i am doing daily blog, daily blog is very important. Doing daily blog are essential for me. Therefore, let`s blog.

Economic problem is how to allocate scarce resources among the alternative ways.
This can be explain in the simple way, such as teenage, they have an limited amount of money like we do. But we want to buy many things. We have to make a desicion among the things that we want to buy. This is economic problem. People have wants and needs. Basiclly wants is anything we would like to have even though we may not have the resources to buy it. Needs is the products that we are willing and have the ability to purchase. Economic problem often occures on people endless wants.

Opportunity costs is when the (next) best choice which is forgone when the choice is made. public goods and private goods are economic goods which have opportunity cost. An simple example is, a car park is installed, the opportunity cost is an house or an shopping mall. As i am writing this blog, my opportunity cost is the time i could use for leisure. On the big scale, the opportunity cost of produing more consumer goods are capital goods, or vice versa.(an diagram could be draw)

producation possibility curves shows the maximum quantity of combination of two products. Producation possibility curves is very useful. It could show a country`s productivity, opportunity cost,allocative efficiency.

Today i didnt finish another workbook>.<.. i was doing mathematics and sociology. I will try to finish them by end of this holiday. It is so upset that holiday only left two days for meT.T. And thank you to Mr.chris for answering my question. Can i understand the excluability is on production and rejectability in on consumption? Thanks