Which economic principle pertains to how a change in a property affects its value as a whole?

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kaycole9645 kaycole9645

25-08-2022
Business

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Which economic principle pertains to how a change in a property affects its value as a whole?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-09-06T05:19:14+02:00

The principle of change recognizes that changing economic conditions will result in fluctuations in property value. The term "economic principle" refers to a wide range of economic principles and theories that define or explain how an economy seeks to meet an endless demand in the marketplace with a finite quantity of resources.

The opportunity cost, marginal principle, law of declining returns, principle of voluntary returns, and real/nominal principle are the five essential economic concepts that describe how our world manages money and chooses which investments are profitable and which aren't. These are the principles: scarcity principle, cost-benefit principle, unequal cost principle, comparative advantage principle.

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