What does the term economic refer to?
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.Click to see full answer. Also to know is, what is…
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.Click to see full answer. Also to know is, what is an economy simple definition?An economy is a system of making and trading things of value. It is usually divided into goods (physical things) and services (things done by people). It assumes there is medium of exchange, which in the modern world is a system of finance. This makes trade possible.Additionally, what economic reasons mean? The set of fundamental information that affects a business or an investment’s value. For a business, key economic factors include labor costs, interest rates, government policy, taxes and management. In respect to this, what does I stand for in economics? I = Investment (Gross Fixed Capital Formation)What do you mean by the term supply?Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
