ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gucci, Supreme, Chanel, and Louis Vuitton
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money, dollar bills, cash, and bags
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description, analysis, explanation, and prediction
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None of the above
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Detailed explanation-1: -Four key economic concepts-scarcity, supply and demand, costs and benefits, and incentives-can help explain many decisions that humans make.
Detailed explanation-2: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-3: -Description :explains and puts a tag on economic activity. Analysis: makes sure the market stays stable and to predict future results. Expansion: is needed to explain to consumers about the economy. Prediction: is key to making a profit in the economy (It affects everyone.)
Detailed explanation-4: -These are – production, consumption, and distribution of goods and services. Ans. Adam Smith defined economics as the “science of wealth.” The definition implies that the economy is determined by the wealth generated when people produce valuable commodities that are consumed. Ans.
Detailed explanation-5: -The four essential economic activities are resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services.