11 ■ The fundamental economic problem is , which is the inability to satisfy all our wants. Because the available resources are never enough to satisfy every- one's wants, choices are necessary. is the social science that studies the choices people, businesses, governments, and societies make...
Economicsis a social science that aims to describe the factors that determine the production, distribution, and consumption of goods and services, i.e. the economy. It is the study of how we choose to use resources. Definitions of the term ‘economics’ can vary considerably, depending on peo...
Place– On the other hand, place, is a type of utility determined by the location of the goods or services, and utility increases as the items are more conveniently located for the consumer. Possession– Finally, possession, measures the value obtained by the consumer from possessing the item...
-designed to meet needs not wants-poor production of goods and services poor production rarely lose a job if you do it badly, so people work just hard enough to get by because there is no reason to do the best so quality suffers market economy people make economic decisions; everyone is ...
Economic utility is the amount of fulfillment or satisfaction a person receives from consuming a particular product or service at a...
What is the definition of economy? Put simply the economies involve all production and consumption-related activities as well as the trade of goods and services in a country. An economy is often synonym of the economic system. Therefore, it includes the distribution of resources to the factors ...
Economics is the study of the production, distribution, and consumption of goods and services. The basic tenets of economics...
An economy'sbalance of tradeis a comparison of the amount of money that is spent on imports of goods and services and the amount of money it earns on goods and services it exports. It is measured primarily by recording all of the products that pass through the customs office of a country...
What Is Economic Growth? Economic growth is an increase in the production of economic goods and services in one period compared to a previous period. It can be measured in nominal or real terms. Aggregate economic growth is traditionally measured in terms ofgross national product (GNP)orgross ...
"Inelastic" is an economic term referring to the static quantity of a good or service when its price changes. Inelastic demand means that when the price goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged. ...