Basic Economic Concepts

Question 0

Why are all resources scarce?

Answer 0

All resources are scarce because resources are finite and human what’s are infinite.

Question 1

List three economic resources:

Answer 1

1) Land
2) Labor
3) Capital

Question 2

What are three organizing principles that societies can use to make economic decisions /choices ?

Answer 2

1) Tradition/Custom
2) Command / Government
3) Market