Economics 101 is a course that is taught to almost every college and university student explains ValueMags magazines. The government and administrators of school curriculum believe that it is important that generations coming up understand the history of the household, national, and international economies as well as their current status’ and predicted status’. For that reason, ValueMags is looking into partnering with a magazine company that makes educational magazines with specialize in business, finance and financial planning, and economics. Below are some definitions in economics that ValueMags encourages every student, especially those that are not taking an economics course, to understand. They will be important in the future, especially in our constantly changing world.
- Opportunity cost: The cost forgone by choosing a better alternative. For example, ValueMags has the choice of marketing a scuba diving magazine that highlights the best scuba diving destinations in the world or a sailing magazine that highlights the newest sailing boats. Each have their benefits and disadvantages. If ValueMags chooses to market and offer the scuba diving magazine, the opportunity cost would be the sailing magazines.
- Resources; Resources are the factors of production of an organization, company, or country which includes land, capital , and labour. Resources are all over the world and depending on where in the world you are or which company you are working for, they will allocate them differently based no their needs, lifestyles, and development.
- Economics: Economics, according to ValueMags, is the study of scarce resources to satisfy the unlimited demand of human needs and wants. This is the definition that leads to many other branches of economics.
These are a couple of the many definitions and theories in economics that everyone that has money and wants to grow that money should understand. Even for those that don’t, when they do eventually get money, they need to learn how to invest that small amount effectively and with the least risk yet maximal growth.