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Liula [17]
3 years ago
5

How do the Four Key Elements of Economics work in society?

Business
1 answer:
Varvara68 [4.7K]3 years ago
7 0

Four key economic concepts–scarcity, supply and demand, costs and benefits, and incentives

Explanation:

Although possessing a clear knowledge of economic philosophy isn't quite as critical as managing the family budget or studying how to drive a vehicle, the qualities that motivate the analysis of economics affect every moment of our lives. At the most simple point, economics is attempting to understand how and when we make the buying decisions we do.

Four main economic principles – shortage, supply and demand, costs and profits, and opportunities – can help clarify a variety of human decisions.

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Money obtained through various types of loans is called:
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3 years ago
Suppose Natasha currently makes $50,000 per year working as a manager at a cable TV company. She then develops two possible entr
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alternative (I)

revenues of   465,000

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net income      70,000

opportunity cost

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