Question

Write and answer a question about economics that one might have regarding macro and micro economics.

Answer 1

The macro economic question would be

What is scarcity and why does it exist?

Economic problem: humans have limitless needs and desires, but only a small amount of money to fulfill them. The universe has no limitless collection of things we want, and the things we need. All is small, and then there is scarcity.

The micro economic question would be

Prices can shift the Supply of a product. Is it True or False

The given statement is False

The economic supply curve represents the amount a manufacturer is able to supply at the specified price point in the market. Provision of a commodity and the product's price are linked positively. When a product's price changes it triggers a shift along the supply curve. The supply curve shifts when any of the variables other than the demand changes.

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