In what ways is economics a science and why do economists make assumptions? What is the importance of the circular-flow diagram? On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the top with a net worth of US$177 billion. Does he face scarcity, or does scarcity only affect those with more limited incomes and lower net worth?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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In what ways is economics a science and why do economists make
assumptions?

What is the importance of the circular-flow diagram?

On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the top
with a net worth of US$177 billion. Does he face scarcity, or does scarcity only
affect those with more limited incomes and lower net worth?

 

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