Question

consider your decision to read this textbook on economics. identify which of the four core principles of economics is most relevant for each aspects of that decision.

Answer 1

The four core principles of economics that  is most relevant for each aspects of that decision are:

• scarcity
• supply and demand
• costs and benefits
• incentives

What are the core principles of economics?

Scarcity can be regarded as the  economic concept  which serves as the basic fact of life that there exists only a finite amount of human and nonhuman resources .

Supply and demand  serves as the  economic model of price determination that is bee used in the  market and it seen  in a competitive market, the unit price for a particular good, .

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