Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
LAW OF DEMAND
Law of Demand states other things remaining the same, if the price of a good rises, the quantity demanded of the good decreases, and if the price of a good falls, the quantity demanded of that good increases.
Describe three Basic Economic Questions
What determines the amounts of goods and services produced; How are they produced: For Whom are the good and services produced
Person must be available to work but unable to find work, but making an effort A person is waiting to be recalled back to a job from which they have been laid off
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The effects of GDP and the economy
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