Scarcity explains a basic economic problem: the world has limited resources and seemingly unlimited needs. This reality forces people to make decisions about allocating resources in the most ...

Consumers want answers and therefore are ripe to accept quick fixes to solve the problem ... enough basic economics so as not to be fooled by quick policy answers to complex economic issues.

GNP is related to another important economic measure called gross domestic product (GDP), which takes into account all output produced within a country's borders regardless of who owns the means ...