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Popular Questions - Economics

What is aggregate supply?

Aggregate supply is the supply of the whole economy. Aggregate supply is the supply of the whole economy, different to “supply” as it used to describe individual firm not the whole...

Why is scarcity and choice important in economics?

Scarcity and choice are important in economics because there would be no economy if there was no scarcity (limitation in resources) and no choice as to how these resources would be used. Scarcity...

What are examples of cost-push inflation?

The canonical answer is an increase in the price of oil. Oil is used as an input in so many production processes, and we use fuel to transport ourselves and various goods. So, when the price of oil...