Have an account?
What best describes a want?
An unnecessary object
A commodity that fulfills a desire
An expensive object
A derived need
What do people respond to in predictable ways?
Which is NOT a major economic problem?
When to produce?
What to produce?
How to produce?
For whom to produce?
Economics is said to deal mostly with the ____________ of resources.
Countries and states utilize this to solve the problem of allocation.
Culture and Norms
Rules and Regulations
When economists say that resources are scarce, it means that they are what?
According to the basic economic principles, what creates wealth?
Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?
Allocation and scarcity is a problem because people have unlimited ____________.
wants and needs
They say that economics is the science of ____________.