√ Definition of Economic Principles, Purpose, Characteristics, Types and Examples
Definition of Economic Principles, Purpose, Characteristics, Types and Examples – In this discussion we will explain about Economic Principles. Which includes the understanding of economic principles, the purpose of economic principles, the characteristics of economic principles, types of economic principles and examples with complete and easy-to-understand discussion.
Definition of Economic Principles, Purpose, Characteristics, Types and Examples
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Understanding of Economic Principles
The principle of economics is an effort made to obtain certain benefits with the smallest possible sacrifice. Another understanding of the economic principle is an effort or action in obtaining the satisfaction of certain needs by sacrifice as little as possible, economic principles lead to action in order to achieve greater effectiveness and efficiency tall.
The definition of economic principles according to Wikibooks is a guideline for carrying out economic actions in which the principle is contained with certain sacrifices to obtain maximum results. The economic principle is to make the smallest sacrifice to obtain certain results, or with certain sacrifices to obtain the maximum possible results.
Examples of economic principles in daily activities are like: If we want to buy an item in a store, of course we will compare the prices of the goods there in that store with items in other stores, we will look for items that are discounted or have discounted prices and of course learn to live frugally.
Purpose of Economic Principles
The objectives of the economic principle include:
- Obtain maximum possible profit/profit
- Minimize losses due to certain errors
- Prevent wastage
- Using existing capital and capabilities
Characteristics of Economic Principles
The characteristics of economic principles include:
- Make savings
- Always determine the most important needs or the most urgent needs first and arranged until the needs are not so important
- Behave rationally and economically or more definitely determine needs with a mature plan
- Act with the principle of expenses followed by the results obtained
Types of Economic Principles
The types of economic principles and examples are as follows:
Producer Principles
The producer principle is an economic principle that determines raw materials, tools and production costs from raw materials into finished materials which of course will be strived to be as low as possible but still able to produce good goods quality.
Examples of the application of economic principles to producers include:
- Creating a place of business adjacent to raw materials, labor or marketing areas, utilizing a skilled workforce
- Using the best raw materials but the price is very cheap
- Utilize resources such as capital, labor and time very efficiently
- Utilizing modern machines with high productivity but at low cost
- And so forth
The Seller or Merchant Principle
The trader's principle is an economic principle that is carried out by traders to carry out various types of businesses so that consumer tastes are fulfilled. This principle places an emphasis on promotions, gifts and others that aim to get a lot of consumers so that the income or profit will be even greater.
Examples of applying economic principles to traders or distribution principles include:
- Improving service quality
- Utilizing distribution facilities at low cost
- Distribute goods in a timely manner
- Buying goods directly to the manufacturer
- Providing goods or services that are well-known among consumers
- Determine the right business location, which is between producers and consumers
- And so on
The Buyer Principle
The buyer's principle is an economic principle that is carried out by buyers to obtain quality and quality products or services but at the minimum costs incurred.
Examples of the application of the buyer's economic principle or consumption principle include:
- Design a list of items needed before buying them
- Bargain before buying goods or services
- Choose an item when you want to buy it
- Buy things that are affordable or cheap
- Buy quality goods
- Can control expenses that pay attention to income
- And so forth
Thus has been explained about Definition of Economic Principles, Purpose, Characteristics, Types and Examples, hopefully can add to your insight and knowledge. Thank you for visiting and don't forget to read other articles.
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