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Post Covid Economy Recovery
Dec 1, 2020
Economy refers to all the economic activities and institutions within a defined area (usually geographically related to the political borders of a nation or state). So you may refer to the performance of a specific national economy, or a regional economy (e. g Europe, Africa, America etc), or perhaps the global economy.
Wants - Any human desire. Not all wants of human beings can be satisfied. This is because resources are scarce and wants are unlimited - they are felt again and again or new wants are created depending on the environment.
Choice - if there are many wants and resources are not sufficient then only a few wants will be satisfied and in this case, choice will be made. This means that preference will be given to some wants as compared to others.
Need - A physiological or psychological requirement for the wellbeing and survival of a human being, or, that which has been determined by a higher authority or a more knowledge body to be essential of human survival and the well being.
Self - interest and Informed decisions Economics operates on the ideas of self - interest and informed decisions. Self - interest is considered the regard for one's own interest or advantage, especially with disregard for others, while the concept of informed decisions states that consumers are well - informed regarding the possible courses of action they can take.
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