What is scarcity&how does it affect supply&demand in the game of economics?

Answer Scarcity is an economic principle that forces people to make choices based on a limited number of resources. This affects supply and demand based on how many people want a given item.ChoicesPeople ... Read More »

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Factors That Affect the Effective Teaching of Economics in Schools?

Economics can be an esoteric subject. Very few people can grasp economic theory at a deep level, and even fewer people are able to explain the subject to young people. Adding to this difficulty is ... Read More »

What does MPC stand for in economics?

In economics, MPC stands for marginal propensity to consume, according to Investopedia. MPC refers to how much a person saves compared to what he spends after getting a raise. If you spend $300 of ... Read More »

What does MRP stand for in economics?

In the field of economics, MRP is the acronym for marginal revenue product. MRP is the unit change in total revenue that results from a unit change in variable inputs, when keeping all other variab... Read More »

What does"specialization"mean in economics?

In economics, "specialization" refers to the tendency of humans to concentrate their efforts on a particular field or task, while depending on other specialized workers to finish everything else. R... Read More »