Social Sciences, asked by paragsharma294, 5 months ago

WRITE ABOUT ALL THE THREE CONCEPTS OF ECONOMY.

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Answered by Aayusheetiwari

1

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make. ... As a result of scarce resources, humans are constantly making choices that are determined by their costs and benefits and the incentives offered by different courses of action.

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