The earliest two fundamental steps in learning the economic way of thinking are understanding:

A) how consumers and businesses communicate.

B) how resources and scarcity affect the costs and benefits of choices.

C) where people can purchase good and services.

D) how people make choices

Question

Business

Brooklynn

7 January, 02:45

The earliest two fundamental steps in learning the economic way of thinking are understanding:

A) how consumers and businesses communicate.

B) how resources and scarcity affect the costs and benefits of choices.

C) where people can purchase good and services.

D) how people make choices

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Answers (1)

Know the Answer?

Natalie Walter · Answer 1

The two fundamental steps are how people make choices & how resources and scarcity affect the costs and benefits of choices.

Explanation:

Let us understand the term "Economics" first.

It deals with "production, distribution and consumption" of "goods and services".

The basic steps are

People make choices by

seeing the price of the market for any given product, the benefits that they get out of it, the postponement of buying a product based on the availability of the product buying products based on future demands understanding that the cost depends purely on the "scarcity" of the product

The earliest two fundamental steps in learning the economic way of thinking are understanding:A) how consumers and businesses communicate.B) how resources and scarcity affect the costs and benefits of choices.C) where people can purchase good and services.D) how people make choices

The earliest two fundamental steps in learning the economic way of thinking are understanding:

A) how consumers and businesses communicate.

B) how resources and scarcity affect the costs and benefits of choices.

C) where people can purchase good and services.

D) how people make choices