fill in the blanks
1 .no government intervention ---------
2 .economic agent engaged , limited, income and unlimited wants------
3 .economic is human welfare---------
4 .labor,capital,land and entrepreneur---------
Answers
Explanation:
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1. Free market
2. Scarcity
3. Welfare Economics
4. Factors of Production
Explanation:
- The free market is an economic system centered on "supply and demand" with little or no control by the govt, . Without govt interference, corporations can use monopoly control to pay employees poor wages and charge customers high prices.
- Scarcity is the fundamental economic problem, the difference between resources that are finite – that is, scarce – and wants limitless. In order to meet basic needs and to meet as many additional requirements as possible, people are required to decide how to efficiently allocate resources.
- The welfare economy is the study of the effect on social welfare by the allocation of goods & resources. This is specifically relevant to the study of economic performance & income allocation and in what way they impact people's overall well-being.
- Factors of production are land, capital, labour, & entrepreneur. Production factors, resources/inputs are used in economy to generate output — that is finished goods & services.