Scarcity - Study guides, Study notes & Summaries

This document provides a clear explanation of the aspects of economics from the PPC (opportunity costs and scarcity) to demand and supply and circular flow to price elasticity and perfect competition. It also provides questions to test your knowledge.

EED2601 Assignment 3 (ANSWERS) 2023 DUE DATE : AUGUST 2023 WHATSAPP +068 FOR ASSISTANCE. 1.1 Environmental education (EE) processes need to take into consideration the history and context behind certain environmental issues and their implications for communities and their lived context. 1.1.1 State any three environmental issues faced by the South African citizens. (3)  Air pollution: South Africa faces significant air pollution challenges, particularly in urban areas and industrial r...

ECS1501 100+ QUESTIONS AND VERIFIED ANSWERS + SUMMARISED NOTES 2023. 4 Study Unit 1 What Economics is all about Economics is a social science that studies how people use scarce resources to satisfy their unlimited wants. Microeconomics looks at this at an individual, household or firm level while Macroeconomics is a broader look which is an aggregate of all the individuals, households and firms in a given economy. The main aspects in Microeconomic theory are supply, demand, scarcity, c...

ECS1500 ASSIGNMENT 01 SEMESTER 1 ANSWER DISCUSSION (LEARNING UNITS 1– 4) 1.1 The correct answer is option [2] as the statement is false. Prices bring about voluntary responses from buyers and sellers so that market equilibrium can be achieved. This is because buyers and sellers agree on the terms that determine their exchange of goods and services. 1.2 The correct answer is option [2] as the statement is false. A linear curve is a straight line with the exact same slope along the whole ...

They are all caused by scarcity, because the people concerned cannot consume as much as they would like.

They are all caused by scarcity, because the people concerned cannot consume as much as they would like. Definition of scarcity What caused by scarcity Types of scarcity Measures to solve scarcity Conclusion

Study Unit 1 What Economics is all about Economics is a social science that studies how people use scarce resources to satisfy their unlimited wants. Microeconomics looks at this at an individual, household or firm level while Macroeconomics is a broader look which is an aggregate of all the individuals, households and firms in a given economy. The main aspects in Microeconomic theory are supply, demand, scarcity, choices and opportunity cost. The Economic Problem Every individua...

African environmental issues are caused by human impacts on the natural environment and affect humans and nearly all forms of life. Issues include deforestation, soil degradation, air pollution, water pollution, garbage pollution, climate change and water scarcity (resulting in problems with access to safe water supply and sanitation). These issues result in environmental conflict and are connected to broader social struggles for democracy and sovereignty. The air in Africa is greatly polluted ...

They are all caused by scarcity, because the people concerned cannot consume as much as they would like.

Which one of the following statements best explains economics? ● ● [1] Economics is a study of rocks. ● [2] Economics is a study of living things. ● [3] Economics is a natural science. ● [4] Economics is not concerned with scarcity. ● [5] Economics is an empirical science