Question

IT Google Apple Yahoo! Google Maps personality test 2.png Y Study Plan: Economic Thinking- ECO2023 MICROE.. Use this quiz to check your understanding and decide whether to (1) section. Check Your Understanding: What is Economics? Choose ALL that apply. Which assumptions reflect permanent universal conditions? More output satisfies more wants. The world has limited productive resources □ There are limited wants. How sure are you of your answer? Click below to move forward Just A Guess Pretty Sure Very Sure

Answer 1

Scarcity is that condition that is present everywhere and always, as it is based upon two assumptions which reflects the Permanent Universal Condition. The two assumptions are

1. More output satisfies more wants
2. The world has limited productive resources.

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