List and Explain the Three Fundamental Economic Questions That Must

question 84

Essay

List and explain the three fundamental economic questions that must be answered by all economic systems.

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Definitions:

Reliance

Dependence on or trust in someone or something for support or help.

Denying

The action of declaring something to be untrue or rejecting the reality of a situation.

Formal Thought Processes

The capacity for abstract, logical, and systematic thinking, typically associated with the cognitive development in adolescence.

Attribute Behavior

The act of explaining behaviour by attributing it to internal or external causes or characteristics.