0
Economics studies the patterns of choices people make in order to satisfy their needs in a society where resources are not unlimited. It examines the laws of production, distribution and consumption. When econimists evaluate people's choices, they assume that people act rationally and in their best interest. The two branches of economics are macro- and microeconomics. Microeconomics is the study of smaller-scale choices made by individual consumers, households and companies. Macroeconomics deals with economic issues at the level of society like economic growth, money supply, government spending, inflation, employment and unemployment.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is the definition of basic economic questions?
Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.
What do economic questions deal with?
Economics analyzes the production, distribution, and consumption of goods and services. Economics tries to explain how economies work and how economic elements interact.
What are three key economic questions?
The three key economic questions are: What to produce? How to produce it? Who will consume it?
Economic system are created by people to deal with the problem of?
Economic system are created by people to deal with the problem of?
What three questions must all economic systems answer?
what three questions must all economic systems answer?
All economic questions arise because of what?
All economic questions arise because of SCARCITY OF RESOURCES.
What is matrix questions?
They are questions which deal with rectangular arrays.
What are the three questions the economic system must answer?
The thre questions that all economic systems must ask are: What to make? How to make it?, and Who gets it? Tough questions.
How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
Who answers the three economic questions in a command economy?
The government answers the three economic questions in a command economy.
What are matrix questions?
They are questions which deal with rectangular arrays of elements.
What are the three economic questions that economic systems must answer?
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
