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What basic economic choice must people and societies make?
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
Why do all countries face the basic economic problem?
The basic economic problem is about scarcity and choice, which every society has to deal with.
What are the basic economic choices?
first of all, ask yourself the definition of economic choice
The basic ingredients in any economic decision are?
scarcity and choice
What are the basic economic concepts illustrated by a PPC?
scarcity,choice and opportunity cost
What are the three main elements of the basic economic problems?
scarcity,choice ,demand
What is the basic economic problemthat takes choice nesesary?
The question is unclear. Please edit.
Why are scacity and choice basic to the study of economics?
Scarcity and choice are fundamental to economics because they highlight the limited nature of resources relative to unlimited human wants. Scarcity forces individuals and societies to make choices about how to allocate resources effectively, leading to trade-offs. These decisions impact production, consumption, and overall economic efficiency, making them essential for understanding economic behavior and policy. Ultimately, the interplay of scarcity and choice shapes market dynamics and influences economic outcomes.
Why should gay people and straight people be friends?
Being friends is a basic foundation for the existence of societies.
What are the 3 basic economic questions all societies must answer?
1. What to produce? 2. How to produce? 3. For whom to produce?
What is the basic economic problem facing all societys?
the basic economic problem facing all societies is CHOICE.as we do not have enough resources to satisfy human wants, we find it difficult to choose between two or more choices which leads to opportunity cost.
