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Explain how scarcity requires individuals and nations to make decisions about resources?
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∙ 10y ago
bob
Wiki User
∙ 10y ago
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Explain how scarcity requires indivisual and nations to mak decsions about resources?
Scarcity of resources requires nations and individuals to make informed decisions of how they will utilize the available resources.
What requires that people's needs and wants be balanced against limited resources?
scarcity
How is scarcity related to study of economics?
Economics at its heart is the study of decisions made in order to efficiently allocate resources. Scarcity refers to the lack of unlimited resources in regards to the three inputs of production, labor, land and capital.
Which term is used too describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Scarcity of resources?
A scarcity of resources is sometimes referred to as a limitation of resources or as finite resources. Some resources that may become scarce include coal, oil, and fresh water. A scarcity of resources will make those resources more expensive.
How scarcity requires individuals and nation to make decisions about resources?
bob
Explain how scarcity requires indivisual and nations to mak decsions about resources?
Scarcity of resources requires nations and individuals to make informed decisions of how they will utilize the available resources.
What made a scarcity?
A scarcity is created when people have unlimited wants, or needs, but their resources are limited. When scarcity happens, many economic decisions must be made to efficiently allocate resources.
What requires that people's needs and wants be balanced against limited resources?
scarcity
How is scarcity related to study of economics?
Economics at its heart is the study of decisions made in order to efficiently allocate resources. Scarcity refers to the lack of unlimited resources in regards to the three inputs of production, labor, land and capital.
Which term is used to describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Which term is used too describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Scarcity of resources?
A scarcity of resources is sometimes referred to as a limitation of resources or as finite resources. Some resources that may become scarce include coal, oil, and fresh water. A scarcity of resources will make those resources more expensive.
What is scarcity of resources?
resources that are scarce
How does scarcity affect the factors of production?
Scarcity is the non-abundance of resources. Resources are needed to produce. Thus, the more that is produced, the more resources are being used.
Define what is meant by scarcity when referring to the economic problem?
Scarcity is our limited resources but unlimited wants.The problem of scarcity is that our wants are always beyond what we can produce with our resources.
What is economic resource difficulty?
The main economic resource of difficulty is scarcity of resources.
