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economics is the study of how limited resources are used to satisfy human wants. economists look at the causes and effects of the choices people make. list 3 decisions that you have made in the last 24 hours.

Sagot :

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Answer:

whether I should buy 1killo of orange or 2killo banana

A fundamental law of nature states that the quantities of labor, capital, land, and entrepreneurial resources that can be employed to produce products and services are finite. It implies that there are a finite number of resources available to the economy at any given time to produce products and services.

What three problems must an economic system solve?

It's possible to question and remove unsourced material. The three basic economic questions that must be addressed and resolved by economic systems as a sort of social system are: "How much and which alternative commodities and services shall be created?" and "What kinds and amounts of goods shall be produced." How should products be made?

Limitations on resources and insatiable human desire are the root causes of all economic issues. It develops as a result of a lack of resources that can be used in other ways. Each community must make choices about how to use its limited resources. In general, resource allocation is the main issue in an economy.

Thus, The amount of labor, money, land and entrepreneurial resources that can be used to create goods and services is limited, according to a fundamental rule of nature.

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