Exam (elaborations)
Unit 1 Basic Principles Of Economics With Complete Solutions Latest Update
- Module
- Principles of economics
- Institution
- Principles Of Economics
Unit 1 Basic Principles Of Economics With Complete Solutions Latest Update
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Unit 1 Basic Principles Of Economics WithComplete Solutions Latest Update
Economics - correct answers The study if the choices that people make to satisfy their needs and wants.
Scarcity - correct answers Occurs when there are limited economic resources and unlimited wants and needs.
3 central questions of economics - correct answers 1.) What will be produced?
2.) How will it be produced?
3.) For whom will it be produced?
Consumers - correct answers People who decide what to buy.
Producers - correct answers People who make the things that satisfy the wants and needs of the economic
consumers.
Goods - correct answers Physical objects that can be purchased.
Services - correct answers Actions, activities, or jobs that are done for a fee.
Macroeconomics - correct answers The economic study of entire economics or concepts.
Microeconomics - correct answers The economic study of individuals, families, households, and businesses.
positive economics - correct answers A way of explaining economics as it is, not as it should be. Based on facts,
data, and testing.
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