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What is the result of having limited resources in an economy?
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People make economic choices about what to do with their
resources.
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What does it mean by ''choice arises as a result of scarcity of resources''?
Choice is a situation where there are limited resources to satisfy numerous wants
What is economy in simple terms?
Economy is the careful management of resources, such as money, materials, or labor. A saving is an example or result of such management. To make out the household budget results in a form of economy.
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.
What are surplus goods?
Surplus goods refers to the profit made in an economy, these goods could be any number of things eg money, resources .... Surplus goods are the result of an efficient economy usually one that is a free market economy
In a competitive market economy firms will select the least-cost production technique because?
such choices will result in the full employment of available resources
What does it mean by ''choice arises as a result of scarcity of resources''?
Choice is a situation where there are limited resources to satisfy numerous wants
What is economy in simple terms?
Economy is the careful management of resources, such as money, materials, or labor. A saving is an example or result of such management. To make out the household budget results in a form of economy.
When a population lives in an environment with limited resources the most likely result is?
competition for resources, leading to natural selection favoring individuals better suited to acquiring those resources. This can result in adaptations in the population that maximize resource acquisition and use efficiency. Over time, this process can lead to ecological balance or extinction if resources become too limited.
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.
What were two result of The Louisiana Purchase?
One result from the Louisiana Purchase was that it doubled the size of the United States. The second result of the Louisiana Purchase is that it increased the economy for the United States with farming, gold, silver, and other resources.
What is a free rider in economy?
A free rider is someone who uses and benefits from goods, resources or services but does not pay for them. This can result in under-provision or exhaustion of goods, resources or services.
What occurs when members of one species try to use necessary resources that are limited supply?
Such situations result in comoetion and struggle for existance .
What are surplus goods?
Surplus goods refers to the profit made in an economy, these goods could be any number of things eg money, resources .... Surplus goods are the result of an efficient economy usually one that is a free market economy
In a competitive market economy firms will select the least-cost production technique because?
such choices will result in the full employment of available resources
How does entrepreneurial resources effect a countries economy?
Entrepreneurial resources can affect the economy of a country if these resources are utilized to supplement companies or in fact create new companies. If successful then it often results in a higher employment rate for that country. It may also increase the tax base & revenues of local, state, and federal governments. If these resources result in failure then the upward boast from their beginnings is deflated. If the resources are not utilized at all, then the economy generally speaking sees no affect or return on any profits that they might have created.
What is the basic economic problem of every society begins as a result of scarcity of resources?
Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources.
What factors that would shift the production possibility curve inward or outward?
An outward shift would result when there is an improvement in technology that would benefit both types of goods. An increase in the workforce which would result in mor factor resources being exploited. An improvment in productivity and effeciency in goods production. An inward shift would result when there is unemployed resources or when the economy uses resources inefficiently
