2019/2020 NOVDEC ECONOMICS ESSAY AND OBJECTIVES
THE FASTEST AND TRUSTED SOURCE IN GHANA +233271490087 ANSWERS 3ai) “Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses.”… Ends are behaviour of relationship in exchange rate of a given change 3aii) Scarcity dictates that economic decisions must be made regularly in order to manage the availability of resources to meet human needs. Some examples of scarcity include: The gasoline shortage in the 1970's. ... Coal is used to create energy; the limited amount of this resource that can be mined is an example of scarcity 3aiii) When economists refer to the “opportunity cost ” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else. *6a* The price elasticity of supply (PES or Es) is a measure used in eco...
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