Question

1. As a person attains more education, what happens to their salary?

2. Define Economics:
3. Define Needs:
4. Define Wants:
5. Define Scarcity:
6.
Why do we have Scarcity?

Answer 1

whay do we have scarcity?

The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity. ... Because these resources are limited, so are the numbers of goods and services we can produce with them.

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