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Fundamental Economic Concepts

In: Economics for Managers

Author

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  • Phillip Crowson

Abstract

There are almost as many definitions of economics as there are economists. One of the most useful, given by Professor Samuelson in his world famous textbook, is Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources, which could have alternative uses, to produce various commodities over time and to distribute them for consumption, now and in the future, among various people and groups in society. (P. A. Samuelson, Economics. An Introductory Analysis, 5th edition 1961, McGraw-Hill.) If all resources were abundant there would be no difficulty in making a choice either between alternative uses or between the present and future. Moreover, the distribution of the fruits of these resources would be relatively simple. In practice man’s basic needs are few, but his wants are unlimited and tend to rise over time. Resources, however, are, in the last analysis, finite, and of varying quality and accessibility. The main economic resources are land, labour, and capital, which is essentially stored-up labour.

Suggested Citation

  • Phillip Crowson, 1985. "Fundamental Economic Concepts," Palgrave Macmillan Books, in: Economics for Managers, chapter 2, pages 16-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17812-4_2
    DOI: 10.1007/978-1-349-17812-4_2
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