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Introduction to Economics

Economics

Three Basic Economic Questions and Resource Allocation

Updated on January 22, 2023 · By Ahmad Nasrudin Tag: Economic Problem, Economic Resources, Introduction to Economics

Three Basic Economic Questions and Resource Allocation

The three basic economic questions are what to produce, how to produce it, and for whom to produce it. All three are to answer how we allocate resources to meet our needs and wants. But, then, the way we answer them also

Tag: Economic Problem, Economic Resources, Introduction to Economics

Economics

Why Are Economic Resources Scarce?

Updated on January 6, 2023 · By Ahmad Nasrudin Tag: Economic Resources, Introduction to Economics

Economic resources are scarce not only because they are few in number. It doesn't stand alone. You have to compare it with other concepts, namely needs and wants. Scarcity occurs because resources are limited to satisfy our unlimited needs and

Tag: Economic Resources, Introduction to Economics

Economics

Economic Resources: Definition, Types

Updated on January 22, 2023 · By Ahmad Nasrudin Tag: Economic Problem, Economic Resources, Introduction to Economics

What's it: Economic resources is another term for factors of production. They include human resources such as labor and entrepreneurship and non-human resources such as land and capital. Sometimes we refer to them briefly as inputs or

Tag: Economic Problem, Economic Resources, Introduction to Economics

Microeconomics

Scarcity in Economics: Its Relation to Resources, Needs, and Wants

Updated on January 22, 2023 · By Ahmad Nasrudin Tag: Introduction to Economics, Needs, Resources, Scarcity, Wants

What's it: Scarcity is a finite state, so it cannot fulfill something. In the introduction to economics, scarcity represents a condition in which limited resources cannot satisfy our needs and wants, which are unlimited. Economic

Tag: Introduction to Economics, Needs, Resources, Scarcity, Wants

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