Explain the foundation of economics
Explain the foundation of economics where society’s material wants are unlimited?
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The foundation of economics where society’s material wants are unlimited (the first fundamental fact) are:-
1. Economic wants are desires of people to use goods and services which present utility that means satisfaction.
2. Division is subjective whereas products are sometimes classified as luxuries/necessities.
3. Services satisfy wants as well as goods.
4. Businesses and governments also have wants.
5. Over time, wants change and multiply.
Explain the impact of external costs and external benefits on resource allocation
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