What are the factors that create the economic problem?|My homework helper

Posted: March 9th, 2023

Instructions: Study the Lecture Content and Readings and Multimedia for this module.


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Answer the following questions.

Define the concept of economics in the aspects of social institution and social science.

Answer the question: What are the factors that create the economic problem?

Describe the market forces.

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Economics is both a social institution and a social science that studies how societies allocate scarce resources among competing needs and wants. As a social institution, economics refers to the rules, norms, and practices that shape economic behavior and outcomes within a given society or group. These include laws, regulations, property rights, contracts, markets, customs, traditions, and ideologies that influence how individuals, firms, and governments interact with one another to produce, distribute, and consume goods and services.

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