Answer:
scarcity
tradeoffs
Explanation:
Humans have unlimited wants and the resources available to satisfy this wants are limited. Thus, humans have to choose the most important wants and give up less important wants.
For example, if you have $20 and you want to buy a textbook , ice-cream or jeans. Each cost $20. If you need the textbook to study for a test, you would choose the book. Here $20 is the scarce resource. jeans and ice cream are what you traded off
Answer:
"D"
Explanation:
Perfect competition is a market condition involving a large number of buyers and sellers , and similar goods are produced.
The consumers here are well informed about the market and always have access to changes about the market situation.
Decision making can be rational in the interest of both producers and consumers.
There is a tendency for producers to make high profit in the short run , but will always make normal profit in the long run.
Answer: [I & II ] True
Explanation: Competitive and open market are necessary to support good incentives.
The answer is letter D.
Credit unions are perfect descriptions of cooperative lending associations. The other three choices are granted either by government or by private institutions. Credit unions are usually composed of people who have agreed in mutual trust about their lending and borrowing policies.
