Let's think of it this way: π€ You want a new phone, the latest sneakers, and maybe to go on a fabulous vacation. But, your pocket money or part-time job earnings just won't cover it all. This is what we call Scarcity: We have unlimited wants but limited resources to fulfill them.
Scarcity π
Factors of Production π
Choices π€
Opportunity Cost π―
Economic Goods vs. Free Goods π·
Sustainability π³
Every economy, regardless of how rich or poor, has to answer three main questions due to scarcity
Market Mechanism πΌ
Government Intervention π¨
Free Market Economy π°
Command Economy π’
Mixed Economy π
In reality, all economies are mixed to some degree, but the balance between the market and government varies. Like different recipes of our economic cake, some have more sugar, some have more spice!
Let's think of it this way: π€ You want a new phone, the latest sneakers, and maybe to go on a fabulous vacation. But, your pocket money or part-time job earnings just won't cover it all. This is what we call Scarcity: We have unlimited wants but limited resources to fulfill them.
Scarcity π
Factors of Production π
Choices π€
Opportunity Cost π―
Economic Goods vs. Free Goods π·
Sustainability π³
Every economy, regardless of how rich or poor, has to answer three main questions due to scarcity
Market Mechanism πΌ
Government Intervention π¨
Free Market Economy π°
Command Economy π’
Mixed Economy π
In reality, all economies are mixed to some degree, but the balance between the market and government varies. Like different recipes of our economic cake, some have more sugar, some have more spice!
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