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.
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