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Economics-study
Economics term 1 study notes
Question | Answer |
---|---|
What is a want? | Something we wish for and desire |
Four steps of economic problem solving | Defining the problem, identifying economic aspects, looking for alternatives and choosing the best solution |
What is the law of demand? | As price increases demand decreases |
What is the law of Supply? | As price increases supply increases |
What is scarity | when there are less goods than the demand for them |
what are the three basic economic decisions that every nation must make | What goods and services should be produced? How should the goods and services be produced? Who should get the goods and services? |
what are 3 methods of calculating GDP | Income, Output and expenditure |