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Your community faces a challenging issue. You will serve on a volunteer committee to evaluate and make a recommendation to the city council. Which economic process will help your committee identify all potential solutions to the issue?.

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Our committee will be able to discover all feasible solutions to the problem with the aid of the economic decision-making model.

How would you define "economic"?

Economic is the study underlying scarcity and how it affects how resources are used, how commodities and services are produced, how production and welfare increase over time, and a wide range of other complicated concerns that are extremely important to society. Farmers reduce the price of both the crop when corn production rises in order to sell more of their harvest.

Which seven economic factors are there?

The presence of a viable market, affordable land, high plant yields, well-developed plantation methods, a competent labor force, strong research support, and a robust supporting infrastructure to assure price delivery to markets are important considerations.

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