What is the difference between scarcity and poverty?
What will be an ideal response?
Scarcity exists when availability is less than people want. Poverty exists when availability is less than people need. Everyone suffers scarcity; only an unfortunate minority suffers poverty.
Economics
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Preferences can be described as
A) what a person likes and dislikes. B) the income opportunities of several activities. C) feasible consumption combinations. D) the relative prices of goods and services.
Economics
For a perfectly competitive firm,
a. P = AR at all levels of output b. P = AR at the profit-maximizing quantity only c. P > AR at all levels of output d. P < AR at the profit-maximizing quantity only e. P < AR at all levels of output
Economics