ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Imbalance of Power
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Scarcity
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Excessive Wealth
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Opportunity Cost
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Detailed explanation-1: -Demand-induced scarcity reflecting rising demand. Supply-induced scarcity caused by diminished supply. Structural scarcity attributable to mismanagement or inequality.
Detailed explanation-2: -Things that are scarce, like gold, diamonds, or certain kinds of knowledge, are more valuable for being scarce because sellers of these goods and services can set higher prices.
Detailed explanation-3: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Students will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.