Question

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---------

Answer 1

Explanation:

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Answer 2

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.