Economics is the constituent of social sciences which studies the economy and its elements. The main elements of economics are production, distribution, and the consumption of certain goods and services. And its main objective is to allocate the scarce resources effectively and efficiently. Scarcity refers to the economic concept that reflects that the resources are insufficient to full fill the wants and needs of all the people. In this paper the concepts of surplus and its effects on the economy would be discussed.
Surplus is the situation in which an excess of something is achieved. For example the value or the amount provided after the requirement for something is satisfied or the remainder of particular thing after the purpose is met (Danielson, 1994). The industrial take off in the 18th century was considered due to the need which was developed to produce in excess. The industrial revolution which was brought forward was the result of an influence made by the capitalists regarding the generation of sufficient surplus as the source.
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