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.

Use this Essay Format

You must present your writing double-spaced, in a Times New Roman, Arial or Courier New font, with a font size of 12.

Pay attention to grammar rules (spelling and syntax).

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Remember that your writing must have a header or a cover page that includes the name of the institution, the program, the course code, the title of the activity, your name and student number, and the assignment’s due date.

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SOLUTION

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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