Questions and Answers
it is a situation where in the amount of something available is insufficient to satisfy the desire for it.
Scarcity
it is a labor, capital, land, and entrepreneurship that are used to produce goods and services also known as factors of production.
Resources
it is the process of combining inputs in order to make something for consumption, it is the act of creating output.
Production
A good or service which has value and contributed to the utility of individuals
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The allocation of the Total product among members of society
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The Use of a good or service
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occurs when a person is unable to find work
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It deals with the functioning of individual industries and the behavior of individual economic decision-making units such as firms and household.
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It looks at the economy as a whole and examines the factors that determine national output or product.
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occurs when there is less supply than consumer demand
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