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Economic products designed to satisfy people's wants and needs are called?
economic system
People must make choices to satisfy their needs and wants?
Economic
Economic products designed to satisfy peoples wants and needs?
Economic products designed to satisfy peoples wants and needs are consumer goods. The type of goods that are needed and wanted can vary depending on area and culture.
What is an economic security?
Being Secure in your ability to satisfy your needs and wants ( having enough Money!)
What can the term of economic research produce?
Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human needs
Does progress or economic development will increase a given culture's ability to satisfy the physical and psychological needs of its population or its stability?
progress
How entrepreneu investment satisfy community needs?
how does entrepreneu satisfy community needs
What reason opportunity cost arise?
As economic goods are limited, one has to make choices to satisfy his needs. Thus, due to limited economic goods, opportunity costs rise.
How the social market economy may be used to solve the economic problems?
through provision of resources that are scares, to satisfy the needs and wants.
What is a problem in a free enterprise system?
Maker economy are free to undertake economic . free to make choices how to use resources to satisfy their needs.
What is the basis question that economics seeks to explain?
The basic economic question faced by all economists: How to satisfy unlimited needs and wants, when resources are limited.
Why is economics often described as the science of constrained choice?
As we all know, goods and services are things that really satisfy human wants and needs but the resources are very limited. There are not enough products available to satisfy people's needs and wants (Scarcity). and by that scarce, consumer needs to take the optimal and a efficient economic decisionto somehow satisfy their needs and wants. Moreover, no matter how much we make, someone will always want more, and that means scarcity will always exists, but also can be minimize.
