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The basic economic problem is that of allocating scarce resources among the competing and virtually limitless wants of?
Consumers In Society.
Which best explains why resources need to allocated in the game of economics?
Resources must be allocated because there are not enough resources to produce all of the goods and services that everyone wants.
Why do resources need to be allocated in the game of economics?
There are not enough resources to produce all of the goods and services that everyone wants.
Why resources need to be allocated in the game of economics?
There are not enough resources to produce all of the goods and services that everyone wants.
Which best answer explains why resources need to be allocated in the game of economics?
There are not enough resources to produce all of the goods and services that everyone wants
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What is the name given to the organized decisions of distributing limited resources among unlimited needs and wants?
is the name given to the organized decisions of distributing limited resources among unlimited needs and wants
Definition of economics by bernardo villegas?
Economics is the science of allocating scarce resources to satisfy man's unlimited, multiple, competing wants and needs.
What is the name given to organized decisions about distributing limited resources among unlimited needs and wants?
allocation
What are the reasons why you study economics?
So you can understand how the economy's work.
Economics is a sciene that analyzes what?
economics is the social science that deals with how the society allocates its scarce resources among its unlimited wants and needs
The name given to the organized decisions of distributing limited resources among unlimited needs and wants?
In a Post- scarcity economy there area limited resources for unlimited demands. By identifying such circumstances governments are better informed of how utilize resources without waste.
