What is scarcity?
What will be an ideal response?
Scarcity is a situation where limited resources make it impossible to fulfill all of our wants.
Economics
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Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount
a. True b. False Indicate whether the statement is true or false
Economics
The major objective of the Federal Reserve System is to: a. make substantial profits for its member banks
b. help in generating stabilization policies for the economy. c. distribute paper money and coins to banks and retail stores. d. prevent closure (failure) of individual member banks.
Economics