While the soon-to-be announced 2017 Budget is expected to be people-centric, both in terms of its nature and direction, it is crucial for the government to approach it in such a way that it will not jeopardise the financial position of the economy in the future. Economics, after all, is about managing scarcity, which exists due to the interaction of unlimited wants to that of the limited resources. This is the basic problem which individuals, firms, societies and governments face in their everyday lives and operations that force them to make choices. And, when choices are made, trade-offs occur and the opportunity cost, that is, the value of resources used in their next best opportunity, needs to be assessed so that the trade-offs … Next »

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