ABSTRACT
The study of economics exists because of the limitations in the availability of resources needed to produce the goods and services we want. Simply put, the land, labor, equipment, and facilities used to produce one product are not at the same time available to produce other products. Therefore, choices have to be made on the uses of the available resources. These choices involve at least four interrelated decisions. They are:
What goods and services are to be produced with the limited resources (and how much of each).
For Whom the goods and service are to be produced; that is, “who is to get them.”
How the goods and services are to be produced; that is, “by what technology.”
Where they are to be produced; that is, the location of the production.
