list and explain the three principles that describe how the economy as a whole works

Answers

Answer 1
The three principles that describe how the economy as a whole works are: (1) a country's standard of living depends on its ability to produce goods and services; (2) prices rise when the government prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment.
Answer 2

The three principles of how the economy as a whole works are scarcity, efficiency, and sovereignty.

What is the economy?

An economy encompasses all activity in a region that is related to the production, consumption, and trade of goods and services. Market transactions and collective or hierarchical decision-making are used to make these decisions.

The three guiding principles of the economy are as follows: (1) a country's standard of living is determined by its ability to produce goods and services; (2) prices rise when the government prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment.

Therefore, Scarcity, efficiency, and sovereignty are the three guiding principles of the economy as a whole.

To learn more about the economy, refer to the below link:

https://brainly.com/question/2421251

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What was Brahe’s dilemma?


Ap euro

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Answer:

Tycho Brahe nose

Explanation:

Learning This

Answer:

Barney is a dinosaur from our imagination

And when he's tall

He's what we call a dinosaur sensation

Barney's friends are big and small

They come from lots of places

After school they meet to play

And sing with happy faces

Barney shows us lots of things

Like how to play pretend

ABC's, and 123's

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Barney comes to play with us

Whenever we may need him

Barney can be your friend too

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Step-by-step explanation:

Explanation:

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