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The three elements are the following:
1. Human wants- the best description that can be made of wants is that they are unlimited (also known as basic needs,. e.g. food, clothing and shelter.)
2. use resources- the basic economic resources of a nation consists of land, labor, capital and entrepreneurs.
3. techniques of production- shows how resources are used and combined in production.
source: some microeconomics books.
By; Chris "Mitchi Boy 3" Ortiz
What else can I help you with?
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what are the three top economic activities in rhode island what are the three top economic activities in rhode island
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The three key economic questions are: What to produce? How to produce it? Who will consume it?
What three key economic decisions must every economic system make?
The three key economic decision of every economic system are price, how much to produce, and where to sell the product. This follows the principles of the laws of supply and demand.
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Which of the following is not an economic goal that influences how societies answer the three key economic questions?
In order to know which of the following is not an economic goal that influences how societies answer the three key economic questions one would need to know the answer choices.
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what are the three top economic activities in rhode island what are the three top economic activities in rhode island
Which of the following is not an economic goal that influence how societies answer the three key economic q uestions?
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