Answer:
*scarcity
*demand
*supply
The three basic concepts are supply & demand, scarcity, and opportunity cost.
Explanation:
Supply & Demand - Another important economic concept is supply-demand. Supply refers to the number of goods and services available for consumers.
Scarity - Scarcity is one of the key economic concepts. In economics, it refers to the limited availability of resources for human consumption.
Opportunity cost - The loss incurred by not selecting the other option is called opportunity cost when one option is selected.
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Answers & Comments
Answer:
*scarcity
*demand
*supply
Verified answer
Answer:
The three basic concepts are supply & demand, scarcity, and opportunity cost.
Explanation:
Supply & Demand - Another important economic concept is supply-demand. Supply refers to the number of goods and services available for consumers.
Scarity - Scarcity is one of the key economic concepts. In economics, it refers to the limited availability of resources for human consumption.
Opportunity cost - The loss incurred by not selecting the other option is called opportunity cost when one option is selected.