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How can resources limit the number of wants people and businesses can satisfy?
Wiki User
∙ 11y ago
A customer will have wants and needs. A need is anything you need to survive:
water
food
shelter
warmth
food
A want is evrything else:
A watch
A pony
An ipad
A TV
A car
Business seeks to satisfy customers needs and wants. Think about a supermarket it will sell things people need - water, food, etc and things people want - wine, DVDs, jewellery etc
Resources are anything that is used to make a good ( a product) or provide a service (like gardening or cleaning, something you can't touch.)
When resources are scarce ( in short supply, running low) then customers wants cannot be satisfied. For example you go to the shops to buy strawberries for dinner BUT there has been a bad summer and a poor strawberry crop. The strawberries are in short supply and the supermarket has run out. You cannot satisfy your need for strawberries!
Wiki User
∙ 11y ago
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What is the study of how people manage their limited resources to satisfy their wants and needs?
economics
A nation will never have enough resources to satisfy the wants and needs of the people.?
true
What is the way people use resources to meet their wants and needs?
The way a nation determines how to use its resources to satisfy its people's needs and wants is called:
The concept of scarcity force's people to?
Scarcity of resources forces people to make choices between a number of options available to us everyday. People are forced to chose which of their needs & wants they want to satisfy and which desires will they leave.
Role of foreign sector in economic cycle?
The Role of the Foreign Sector in the Economic Cycle The foreign sector is when a country cannot satisfy their needs effectively between the closed economy: households, businesses and the government. Countries then convert to an open economy to satisfy their needs effectively. To solve the problem that the country is having they have to trade with other countries to gain a strong economy so that they will be able to satisfy the needs of their people. When countries trade they do not have to rely solely on their own resources because they can sell it and gain other resources form the different countries. Some countries may not have good access to resources so they will not be able to use the foreign sector effectively.
How do people use the resources of the environment?
People use the resources of the environment to satisfy their needs
What is the study of how people use their limited resources to satisfy their unlimited wants?
Economics.
What is the study of how people manage their limited resources to satisfy their wants and needs?
economics
A nation will never have enough resources to satisfy the wants and needs of the people.?
true
What is the way people use resources to meet their wants and needs?
The way a nation determines how to use its resources to satisfy its people's needs and wants is called:
The concept of scarcity force's people to?
Scarcity of resources forces people to make choices between a number of options available to us everyday. People are forced to chose which of their needs & wants they want to satisfy and which desires will they leave.
What are the weakness and strength of salon and spa business?
Strengths of the salon and spa business are the number of people seeking these services are growing. A weakness of these businesses is that they must satisfy many diverse people while maintaining an excellent reputation in order to continue in business.
Role of foreign sector in economic cycle?
The Role of the Foreign Sector in the Economic Cycle The foreign sector is when a country cannot satisfy their needs effectively between the closed economy: households, businesses and the government. Countries then convert to an open economy to satisfy their needs effectively. To solve the problem that the country is having they have to trade with other countries to gain a strong economy so that they will be able to satisfy the needs of their people. When countries trade they do not have to rely solely on their own resources because they can sell it and gain other resources form the different countries. Some countries may not have good access to resources so they will not be able to use the foreign sector effectively.
Why do economists need to find the answer to all three of the basic questions?
There are not enough resources to satisfy people's seemingly unlimited wants.
How are productive resources among people and businesses in the US?
they exert the probability of mankind and its ways of living
Is it true scarcity exists because there are limited resources to meet unlimited wants and needs?
Scarcity is the result of limited resources being available to satisfy the wants and needs of citizens. It is important for people to buy and store resources in bulk to prevent scarcity.
Why are people effeciative for their businesses?
It minimizes the waste of resources such as physical materials, energy, and time while accomplishing the desired output.
