The situation in which available resources are not enough to produce everything that human beings need and want.

Which one of the following is an non-physical activity?

As the economy moves from one point of the PPC to another, the opportunity costs are

A very simple model that illustrates a number of economic concepts and relationships

Macro Economics considers the economy as a

The transition from a centrally planned economy towards a mixed market economy is

The method used to make resource allocation and output distribution decisions

An example for natural resource is

An increase in the economy's production possibilities shows that the production possibilities curve shifts.