Livestock Economics, Marketing and Business Management

CONSUMPTION

• World is at work, the farmers plough their land, factory workers control machines, feed them with raw materials and transform into manufacture goods.
• Buyers and sellers are busy, thus economic activities are circling around.
• People want to earn money. They need money to satisfy their wants relating to food, clothing, shelter and other necessities and luxuries.
• Thus wants make people to work, i.e. wants give rise to various kinds of economic activities.
• This is the starting point of all economic activities for the existence of human wants.
• Goods and services that satisfy our wants are to be produced.They are produced with the help of available resources in nature.
• The resources that can be used for the production of goods and services are not available in plenty. They are scarce. Hence the economic problems arise.
• The responsible factors for emergence of economic problems are
  • The existence of human wants
  • Scarcity of available resources
• Thus the sign of economics wonders around wants, efforts, and satisfaction.