what is Economics

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What is economics? Economics is concerned with the production, consumption and allocation of resorces to enable fulfil people's needs and wants for goods and services.
what is a market economy? A market economy is a where the decisions on investment, production and distribution of resources is based on supply and demand, for example the price of an item is determined by the free price system
what is microeconomics? Microeconomics is the study of how individuals, and businesses deal with or make decisions about limited resource allocation. One of the most important concepts of microeconomics is the law of supply and demand
what does the law of supply and demand state? The law of supply and demand states that if everything was to remain the same, the price of goods or servces would go higher if the demand for those goods and services was high and their supply was low
what is macroeconomics? Macroeconomics is the study of how the general economy makes decisions. Macroeconomics looks at the bigger picture
what is inflation? Inflation is the sustained increase in the general price level of goods and services in an economy.
Economics is the study of _____ Economics is the study of how a society makes decisions on what, how and for whom to produce
what is a market? A market is a process by which price changes to meet the allocation of resources
why does price change in a free market? Price changes to reconcile scarcity and desire in a free market
A command economy decides resource allocation by ____ government planning
when is a resource scarce? A resource is scare when the demand of the resource exceeds supply
what is opportunity cost? opportunity cost is the cost forgone for an item after satisfying the most pressing need. or it is the cost of goods sacrificed to get another good

What is economics?

what is a market economy?

what is microeconomics?

what does the law of supply and demand state?

what is macroeconomics?

what is inflation?

Economics is the study of _____

what is a market?

why does price change in a free market?

A command economy decides resource allocation by ____

when is a resource scarce?

what is opportunity cost?

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