Answer:
limited and their wants are unlimited.
Explanation:
In economics, resources are scarce and limited, but consumers' needs are unlimited. Unsatisfied needs or desires are theoretically unlimited, because as soon as you satisfy one need, you find out that you have another need that is unsatisfied. Some economic agents have more disposable resources than others, e.g. one country might have a large population and a lot of land, but their capital is short. The only resource that is scarce for everyone in the same manner is time.
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Answer:
Bilateral contract.
Explanation:
Bilateral contract: It is a legally binding contract between two or more parties, wherein each party agree to fullfil the promise made to each other.
There are four elements necessary for the existence of a bilateral contract:
- Agreement.
- Consideration.
- Intention to create legal relations.
- Certainty.
In the given case, Clay offers to pay Diane $50 for a golf lesson for Ewan, which they are fulfilling by agreeing to meet on Friday to exchange the cash for the lesson. Therefore, these parties have made a bilateral contract.
<span>Fiscal policy allows the government to adjust taxes and government spending during times of recession and in times when the economy is doing really well. During a recession the government will often lower taxes and interest rates and increase government spending in order to boost the economy. When the economy is going well, tax rates and interest rates will be increased and government spending will be slashed in order to create a surplus for harder times when the government needs to spend more.</span>
