what are the principles of economics
Answers
Economics analyzes the distribution, production, and consumption of goods and services. It examines the goods and services consumed and why they are consumed given we live in a society with limited resources and unlimited wants and needs. The keyprinciples are based on how rational people would behave given scarcity.There are five fundamental principles of economicsthat every introductory economics begins with at the start of the semester: rationality, costs, benefits, incentives, and marginal analysis.
Answer:
Economics analyzes the distribution, production, and consumption of goods and services. It examines the goods and services consumed and why they are consumed given we live in a society with limited resources and unlimited wants and needs. The key principles are based on how rational people would behave given scarcity.