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What else can I help you with?
What are the four basic questions of economy?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
Why is it important for the supplier of goods and service to have information about price elasticity of demand?
In that way the supplier of goods and services, will be able to know how many goods they must produce for the quantity demanded in the economy. They need to know how much price affects the consumers.
When determining how much goods to produce what is the firms goal?
to produce enough goods to meet demand while making a profit
When determing how much goods to produce what is the firms goal?
to produce enough goods to meet demand while making a profit
What are the characteristics of a traditioal economy?
The economic questions (Whom for, how much, what kind, and how do we produce goods/services) is answered by tradition, custom, ritual, religion, or yer mum (seriously.)
What goods and services have utility for people?
There are different goods and services that have utility for people. Some of them include food, health care services, transportation and so much more.
What does the decision of how much to produce depend upon?
The demand for the goods
WHAT IS production decision in managerial economics?
Production decision:A firm needs to answer four basic questions - what to produce, how to produce and how much to produce and for whom to produce.What to produce?A firm will produce according to its perception of the customer demand. It can either produce consumer goods like food, clothing etc. (which are for consumption purpose) or it can produce capital goods like machinery etc. (which are for investment purposes).How to produce?Goods can be produced by certain techniques. Firms have the option of producing goods by labour intensive technique and capital intensive technique. Labour intensive technique is the one in which manual labour is used to produce goods. Capital intensive technique is the one in which machinery like forklift, assembly belts etc. are used to produce goods.How much to produce?A firm has to decide its production capacity and also how much of their good a consumer needs and produce accordingly.For whom to produce?A firm has to decide its target population (i.e. to whom they will serve products and/or services). Example, it will not be viable to produce luxurious goods or middle income or low income group if they can't afford it and produce basic necessity goods for rich class if they don't need it. Therefore, a firm needs to match its produce according to the target population it is serving.
What four basic decisions does the economic system help us make?
1. What goods and services should be produced.2. How goods and services should be produced.3. Who should have the goods and services produced and how much is the cost.4. How much of these goods and services should be produced.
What are some goods and services in Iran?
They are pretty much the same as in the USA.
How much gold did China produce in 2007?
2008
How goods and services produce and how much?
Goods and services are produced through a combination of resources, including labor, capital, and raw materials, utilizing various production processes. The quantity produced depends on factors such as demand, technological efficiency, and the availability of resources. Businesses assess market needs to determine how much to produce, often guided by economic principles like supply and demand. Ultimately, the production decisions reflect the balance between maximizing profit and meeting consumer needs.
