ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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money can’t buy happiness but it can let you buy your own form of misery
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having money’s not everything; not having it is
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anybody who thinks money will make you happy ain’t got money
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you can print money but we’re still limited by our resources #scarcity
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Detailed explanation-1: -Scarcity explains the basic economic problem that the world has limited-or scarce-resources to meet seemingly unlimited wants. This reality forces people to make decisions about how to allocate resources in the most efficient way possible so that as many of their highest priorities as possible are met.
Detailed explanation-2: -The fundamental problem in economics is that resources are limited; yet needs, wants, and desires are unlimited. This is summed up by the concept of a. money.
Detailed explanation-3: -Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.
Detailed explanation-4: -Principle 1: People face tradeoffs. This means that we have to make choices in a world of unlimited wants and scarce resources. If you want something, you will have to give something else up.