In economics, what is the term for the limited resources available to meet our needs and wants?
Basic Economic Concepts
Supply and Demand: The interaction between the quantity of a product or service that producers are willing to supply and the quantity that consumers are willing to buy. Opportunity Cost: The cost of an opportunity forgone (and the benefits that could be received from that opportunity) when a decision is made. Marginal Cost: The additional cost incurred by producing one more unit of a good or service.
What is the best way to save and invest money?
- Invest in the stock market
- Start a savings account
- Invest in real estate
- Save cash
Did you know?
The concept of 'GDP per capita' was first introduced in the year 1934 by the economist Colin Clark. The term 'inflation' was first used by economist Irving Fisher in his book The Purchasing Power of Money published in 1911. The Phillips Curve, a core concept of economics, was first proposed by A.W. Phillips in 1958.
How does the role of an entrepreneur affect the economic and social landscape of a democratic society?
What strategies could a group of people use to make an impact on a democratic society's economy?
How do supply and demand interact to determine the price of a good or service in a market economy?
What responsibilities come with the role of an entrepreneur in a democratic society?
What are the potential consequences of group actions on a democratic society?