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What comes into your mind when you hear the word economics?
Economics it is all about the study of production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within market to get what they want or accomplish certain goals. :)
What does it mean to have a shortage of goods?
it means there is not enough of the goods that people want 2 buy
What a the economic problems faced by the world?
The biggest economic problem is Scarcity. All over the globe, people have unlimited want and desires, but we have only LIMITED resources. Economics is about making decisions to fulfill these wants to our extent. For example, questions such as: What goods and services should an economy produce? How should we produce these goods and services? Who should get the goods and services we produce?
What are some examples of economic goods?
Some examples are like house goods. Like almost things you want and things you need but more of things that you cant live without. :)
What properties of economics results from the fact that people will always want more no matter how much is produced?
That’s not a fact, it’s a fantasy. There are obvious limits to the amount of food, shoes, CDs etc than people can want.
What comes into your mind when you hear the word economics?
Economics it is all about the study of production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within market to get what they want or accomplish certain goals. :)
The amount of goods that people want?
there are so many goods that people want there is no number
What does ''demand'' mean for econmocs?
In economics demand is what people want Supply is what companies want to sell
What does it mean to have a shortage of goods?
it means there is not enough of the goods that people want 2 buy
How many people do you need to work in a bakery?
It depends on the demand for baked goods. Ex. If there are only 10 people in a town that want baked goods, you only need one baker. If there are 100 people in a town that want baked goods, you need about 3, if there are 1,000 people in a town that want baked goods, you need about 10.
What a the economic problems faced by the world?
The biggest economic problem is Scarcity. All over the globe, people have unlimited want and desires, but we have only LIMITED resources. Economics is about making decisions to fulfill these wants to our extent. For example, questions such as: What goods and services should an economy produce? How should we produce these goods and services? Who should get the goods and services we produce?
What are some examples of economic goods?
Some examples are like house goods. Like almost things you want and things you need but more of things that you cant live without. :)
Can people in Ecuador choose how they want to be governed?
the cant but they can
What properties of economics results from the fact that people will always want more no matter how much is produced?
That’s not a fact, it’s a fantasy. There are obvious limits to the amount of food, shoes, CDs etc than people can want.
What explains why the game of economics does not have a single goal?
Different people want different things out of life.
What are consumables goods?
Consumer goods are those commodities which satisfy wants directly. People want them for their own sake.
Why is trade important?
trade is important because we get goods we need and other people get the goods they need or want .Also it can help the people by importing gifts!
