ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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competition
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fiscal policy
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voluntary exchanges
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scarcity
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Detailed explanation-1: -Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. If you look around carefully, you will see that scarcity is a fact of life.
Detailed explanation-2: -Trade-offs and Opportunity Cost. Trade-offs are all the alternatives that we give up whenever we choose one course of action over others. The most desirable alternative given up as a result of a decision is known as opportunity cost.
Detailed explanation-3: -TEXTBOOK’S DEFINITION : Economics is the social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.
Detailed explanation-4: -The 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.