Stop complaining and start either taking action or suggesting quick solutions! 😉 Welcome back dearest friends from the US, India, Russia, Canada, India, Australia, Italy, Nigeria, and all! 😉
B: Is it you again?
A: Yes, who else likes to argue with your nice ideas?
B: Ok, hop in.
A: Oh, you didn’t mention how do you measure the economy?
B: The size of a nation’s overall economy is typically measured by its gross domestic product (GDP), which is the value of all final goods and services produced within a country in a given year.
A: What is the first rule of economics?
B: “The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
A: What are the 3 questions that an economic system must answer ?
B: An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.
A: How many are the economic elements?
B: Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
A: What does it mean when the dollar gets weaker?
B: A weak dollar simply means that the value of a dollar, in terms of the number of goods and services it can buy, is decreasing relative to the value of one or more foreign currencies. Now, give me a break coz this all summarize what the economy mean 😆