answersLogoWhite

0


Best Answer

Single-person economies: output optimisation; labour-leisure trade-offs.

Multi-person economies: exchange and benefits from cooperation.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is the most basic concept of economic life with which the study of economics must deal with?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is the key economic concept that serves as the basis for the study of economics is?

efficient use of limited productive resources to satisfy economic wants.


What do you study in Economics in VCE?

The Australian Market system and basic economic concepts such as demand and supply.


How does macro economics differ from micro economics?

Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.


What is the basic concern of economics?

the basic concern of economics is to study the choices people make


What the study of economic an important exercise?

why is the study of economics an important exercise


What the difference between positive economics and normative economics?

Positive Economics is the branch of economics that concerns the description and explanation of economic phenomena. Normative economics is the study of economics that attempts to determine the desirability of different economic conditions.


What is the difference between positive and normative economics?

Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. Normative economics is the study of economics that attempts to determine the desirability of different economic conditions.


The study of microeconomics involves which of these?

Study one economic concept in depth


What is the basic problem that gives rise to the study of economics?

Pericycle


Is political science the study of economic systems and how they are formed?

No, that is called economics.


What does geographers study?

Economic geography studies Economics with respect to geography.


What is the economic s?

economics is the study of mankind in the ordinary business of life.