Ask Question
BusinessBusiness
2 June, 08:31

The study of how people choose to use scarce resources to satisfy their wants and needs

+3
Answers (1)
  1. 2 June, 11:04
    0
    Economics

    Explanation:

    Economics is the study of the activities that individuals and society undertake to satisfy their unlimited wants using scarce resources. Economics involves analysis of the production of goods and services, their distribution and consumption in a country. It involves the study of how individuals, firms, and the government allocates scarce resources to meet the need of society.

    Economics is categorized in microeconomics and macroeconomics. Microeconomics concentrates on the key economic indicators such as demand, supply, and income and how they affect an individual, firm, or product. Macroeconomics studies the economic conditions in a country as a whole. It is concerned with issues such as inflation, Unemployment rate, and GDP
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The study of how people choose to use scarce resources to satisfy their wants and needs ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
James overspent and will need to spend the next six months paying off his credit card bill. This money was supposed to have gone into his investment account, which earns 10 percent annually. What type of cost is this 10 percent? A.
Answers (1)
If the fed wanted to shift to a restrictive monetary policy and reduce the money supply, it could what?
Answers (1)
Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. If the terms of trade are established as 1 apple for 4 oranges, then: A.
Answers (1)
A state may create an agency as a parallel to a federal agency to provide similar services on a local basis.
Answers (1)
When you buy an operating system for your personal computer, you are actually buying a software?
Answers (1)
New Questions in Business
For Year 2, Etzkorn Corporation's sales were $1,480,000, its gross margin was $580,000, its net operating income was $63,714, its net income before taxes was $42,714, and its net income was $29,900.
Answers (1)
An insured purchased an insurance policy 5 years ago. last year, she received a dividend check from the insurance company that was not taxable. this year, she did not receive a check from the insurer.
Answers (1)
An investor shorts 100 shares when the share price is $50 and closes out the position six months later when the share price is $43. The shares pay a dividend of $3 per share during the six months. What is the investor's profit or loss? a.
Answers (1)
Which term refers to the beginning of the constitution?
Answers (1)
The risks of a focus strategy include: a. decisions by focused competitors to use their resources to serve a wider range of customers' needs. b.
Answers (1)
Home » Business » The study of how people choose to use scarce resources to satisfy their wants and needs
Sign Up Forgot Password?