analysis on economical issues
Answers
Answer:
All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce, resources. The economic problem exists because, although the needs and wants of people are endless, the resources available to satisfy needs and wants are limited.
The 3 basic problems of an economy, which arise from the central problem of scarcity of resources are:
What to produce?
How to produce?
For whom to produce?
Economic issues facing the world economy, as well as regions and countries, include prospects for growth, inflation, energy and the environment, inequality, labor issues, emerging markets, and the impact of new technologies.
Answer:
Hello
The process as applied to economics is as follows:
Construct a theory (eg a high minimum wage level causes unemployment)
State an hypothesis (eg the higher the level of minimum wage, the more unemployment)
Test it (eg look for evidence to support the wage-jobs link in different countries and for different time periods)
If the evidence supports the hypothesis
accept it, and
move on to more refined hypotheses
If the evidence does not support the hypothesis, either
modify the hypothesis, or
reject it (and seek another explanation for unemployment)
- plz follow me and thank my answers ❤❤❤