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What else can I help you with?
3 main types of economic systems?
capital resources, human resources, & natural resources
What problems do all economic systems face?
1. How to allocate scarce resources among unlimited wants and 2. how to decide what to produce, how to produce, and for whom to produce.
What are reasons a financial systems might fail to allocate resource to their most desirable use?
Financial systems may fail to allocate resources to their most desirable use due to inefficient market information, regulatory constraints, conflicts of interest, asymmetrical information, or external shocks like economic crises or natural disasters. These factors can distort decision-making processes and prevent resources from flowing efficiently to their optimal uses.
Which social scientist primarily studies how people change resources into good sand services?
An economist primarily studies how people allocate resources to produce goods and services efficiently within society. They analyze factors such as supply and demand, market behavior, and economic systems to understand the production and distribution of resources.
Why there is uneven distribution of resources on earth?
The uneven distribution of resources on Earth can be attributed to factors such as physical geography, historical events, political systems, economic development, and globalization. Natural resources are not evenly distributed across the planet, leading to disparities in access and availability. Additionally, human activities and systems of trade have further shaped the distribution of resources over time.
Which pathway would you find in the Agriculture Food and Natural Resources Career Cluster?
Natural Resource Systems
Who controls the the prices of goods and services in the economic systems of communism?
The government decides where to invest resources.
What is a philosopher who believed that natural laws could be used to define economic systems?
Physiocrat
What are major resources of Tennessee?
Tennessee's natural resources include fertile soil, mild climate and huge water systems. Tennessee's resources include limestone, coal, oil, natural gas, and timber.
How did Europe utilize their colonial resources in Africa to benefit their own economic and political interests?
Europe utilized their colonial resources in Africa by exploiting natural resources such as minerals, timber, and agricultural products for economic gain. They also established trade networks to export these resources back to Europe. Additionally, European powers imposed their own political systems and control over African territories to further their political interests and expand their influence in the region.
What is InterProcessCommunication?
When the two or more process run simultaneously at same time, the systems allocate the resources to both the process, so that both the process can run unitteruptly, this phenomenon is called Interprocess Communication.
How can the presence or absence of natural resources and arable land affect a nation's economy?
That's like asking how can the presence of lungs and other vital organs affect life if their was no air being breathed by a human. The organs, like resources, are nice, but do nothing without air or an economic system to power them. Natural Resources are neither sufficient or necessary for economic development in any one particular country. Economic systems explain why resource rich Nigeria is dirt poor, while resource scarce nations like Japan are filthy rich. However, if all nations had the same economic system, then the nation with natural resources would of course be richer in real terms. The textbook explanation is that resource presence increase a nation's Long Run Supply, or Production Possibilities. However, there is no guarantee that the nation will actually put these resources to use, and fulfill their potential economic development.
