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Subjects>Business>Economics

What are the basic concepts of economics?

Updated: 8/22/2023

Wiki User

∙ 13y ago

Best Answer

Economics involves the interactions in society involving finances. Namely, economists study how the monetary value of items changes over time based on outer effects like the supply of resources and the demand of consumers.

Wiki User

∙ 9y ago

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Wiki User

∙ 13y ago

the basic concepts of economics are scarcity,choice,scale of preference and opportunity cost

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Wiki User

∙ 10y ago

Many people thank that economics is all about money and what not, but the core of it is about making choices.

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Wiki User

∙ 9y ago

The fundamental concepts in economics is supply and demand. Economics will remain at a stand still without production and consumption.

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Daniella Square ∙

Lvl 2

∙ 3y ago

The basic concepts of economics are wants, scarcity, choice, scale of preference and opportunity cost

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Continue Learning about Economics

What are the basic division in economics?

micro economics and macro economics

Basic concepts of economics?

Basic concepts of economics:ScarcityChoiceOpportunity costAlternate Answer:There are two definitions of Money:A Receipt for Deposited Goods and Services.An Idea backed by Confidence.With this second definition, the owners of banks and governments can transfer the wealth of an economy to themselves.

What is the basic concern of economics?

the basic concern of economics is to study the choices people make

Fundamental concepts underlying the discipline of economics?

Scarcity and Choice

What are the basic concept of international business?

International business encompasses numerous concepts including entry to new markets, trade and foreign direct investments, politics, economics and environmental variables of culture.

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Basic concepts of economics:ScarcityChoiceOpportunity costAlternate Answer:There are two definitions of Money:A Receipt for Deposited Goods and Services.An Idea backed by Confidence.With this second definition, the owners of banks and governments can transfer the wealth of an economy to themselves.

What is the basic concern of economics?

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When was Basic Concepts in Sociology - book - created?

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