Basic Economic Concepts

Welcome to the "Basic Economic Concepts" category on Questions LLC! Whether you are a student of economics, a curious individual, or someone looking to broaden their knowledge, this category will provide you with a wide range of questions and answers relating to essential economic concepts. From understanding supply and demand to exploring different economic systems, this category aims to demystify the fundamental principles that shape our global economy. So, dive into the world of economics and gain valuable insights into how society allocates its resources, makes decisions, and creates wealth. Start exploring the category now to expand your understanding of basic economic concepts!

Questions (16)

Checking to see if I got these right. The ones I selected are marked with an *1. The price paid for the use of capital is called
1. 1 answer
2. asked by Mike
3. 1,038 views
I Think I got it right but im not surE?!?3. What is the term for something that is not necessary but makes your life easier or
1. 5 answers
2. asked by sAd_tEA
3. 1,070 views
Which statement best explains the relationship between economic wants and needs?A. People do not need to fulfill either their
1. 1 answer
2. asked by addreian
3. 75 views
Define resource, scarcity, and competition.
1. 1 answer
2. asked by jeremy
3. 85 views
Please check my answers. Thank you!The amount of goods and services that people want to buy. Producers Consumers Supply Demand*
1. 4 answers
2. asked by Anonymous
3. 1,949 views
Provide a definition and example for each of the following terms;Interdependence: Consumer: Factors of production: bg5rf
1. 2 answers
2. asked by ?
3. 36 views
3. What is the definition of an economic need?A. Something people desire to have B. Something that is required for survival C.
1. 1 answer
2. asked by Hann
3. 95 views
Of The Following Choices Which Best Represents An Economic Want?
1. 1 answer
2. asked by Anonymous
3. 79 views
Which term describes the choices that people must make to meet their wants and needs?Supply Demand Opportunity Cost Producers
1. 9 answers
2. asked anonymously
3. 30 views
What is the definition of an economic need?* 1 point Something people desire to have Something that is required for survival
1. 1 answer
2. asked anonymously
3. 32 views
Scarcity occurs when people have more walls than there are resources? True or false
1. 1 answer
2. asked anonymously
3. 10 views
Which of the following terms describes the gap between limited resources and theoretically limitless wants?(1 point)Responses
1. 1 answer
2. asked by ik ur cheating
3. 28 views
Define the following terms:Scarcity Competition Resources
1. 3 answers
2. asked by i's Dum
3. 27 views
Which statement best explains the relationship between economic wants and needs?(1 point) Responses People do not need to
1. 1 answer
2. asked anonymously
3. 14 views
Economic questions are mainly concerned with__________ that are ________________ while the _________ that are available to
1. 1 answer
2. asked anonymously
3. 23 views
Define resource, scarcity, and competition.
1. 1 answer
2. asked anonymously
3. 3 views