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economic concepts and how they apply to the world around us

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Economics

economic concepts and how they apply to the world around us

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Economics involves production distribution and consumption of goods and services In other words simply allocation of limited resources with unlimited wants in the society There are five basic concepts in economics which are as follows 1 Demand and supply Basically demand is the quantity of goods a consumer wants to purchase during a period of time and supply is the quantity of goods a seller wants to sell at a particular price in a given period of time    See Answer
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