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Macroeconomic Problem Full Essay on Full Topic 1 - Prelim

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Full Essay 3k+ words - 20/20 mark Intro: The economic problem occurs when a society has unlimited wants to satisfy, but only limited resources available. Decisions and choices related to the scarcity of these limited resources need to be made so as to attempt to improve standards of living as ‘efficiently’ as possible.

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Macroeconomic Problem Full Essay on Full Topic 1 - Prelim
Topics this document covers:
Economy Economics Microeconomics Demand Market Economic liberalism Capitalism Supply and demand Economic problem Free market Economic equilibrium Demand management
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Topics this document covers:
Economy Economics Microeconomics Demand Market Economic liberalism Capitalism Supply and demand Economic problem Free market Economic equilibrium Demand management
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Decisions and choices related to the scarcity of these limited resources need to be made so as to attempt to improve standards of living as ‘efficiently’ as possible. Wants can be defined as the materialistic desires of individuals or the community, whom of which derive utility from the consumption of these wanted goods or services. An economy’s resources (land, labour, capital and enterprise) enable the production of these wants. However, the relative lack of resources to satisfy production and demand means that individual consumers, business firms and the government must make choices regarding the allocation of an economy’s scarce resources, resulting in prioritised wants being satisfied over others. This results in an opportunity cost. Opportunity cost revolves around the real cost of foregoing the opportunity of another alternative want. Therefore, the choice...
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