Question

Based on our conceptualization, what are two of the four components of an economy?  --14--

One problem that every economy solves for society is known as the --15-- problem.  This is the problem of determining  --16--.

Another problem that every economy solves for society is known as the --17-- problem.  This the problem of determining --18--

What determines what's feasible for the economy?

Suppose society decided - however, and for whatever reason - that it wanted to change what's produced and what individual households are consuming, to change from one allocation and distribution that's feasible to another.  Could it do that? --20--   How/why ? --21--

Answer 1

14 - Consumption , investment

15 - Scarcity

16 - Useful resources

17 - Unlimited wants

18 - Alternatives

19 -The feasability is determined by calculating the costs and the benefits derived from them . If the benefits are more , it is feasble , otherwise not.

20 - Yes

21 - It can be done by shifting the resources from the production of one good to other . This will be done by sacrificing the production of one good to gain other.