[Student name][Course title][Instructor name][Date]Identification of Economic ConceptsThe following basic economic concepts are location from the article of US TodayConcept 1scarcityEconomics is all about dealing with scarceness which is defined as the problem of infinite wants of the buyers to the finite depend of resources (McConnell , Flynn and Brue . It is actually the paucity that points out the phenomenon that not all the betroth and wants of the high society can be fulfilled as at that place are finite resources to the infinite br wants and needs of the society . There is no society in the planet which is independent in all sorts of resourcesIn this article the fruits , ve considerables and utilities meaty in the pass harden are scarce because of the moderate production . This season of winter is regarded as the p eak harvesting season for numerous Florida crops such as tomatoes , strawberries , blackberries etc . These fruits and vegetables are soundless in the knowledge base due to extreme take aim of cold . In the winter season these vegetables are demanded more and in case of not harvesting these vegetables would become scarceConcept 2CorrelationIt is a relation between devil events or two sets of information indicates only that they are associated in some systematic and near way (McConnell , Flynn and Brue . For example , we whitethorn find that when variable X increases , Y also increasesHere some(prenominal) days of the coldest temperature South Florida has seen in long time are weighed down to ruin orange groves , cucumber field and...If you want to get a full essay, order it on our website: OrderEssay.net
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