0
Define economics using the following terms allocation distribution goods resources production and services?
I am presuming that economics refers to a certain type of science that serves with the inquiry of consumption of goods, allotment/allocation distribution, and both the production and distribution of services and goods. Economics can help solve the problem of resource recycling for the benefit of mankind.
What else can I help you with?
Economics is about allocating resources for doing which of the following processes involving goods and services?
Production and distribution
What if the following best describes the efficiency function of economics?
If the efficiency function of economics is described as the optimal allocation of resources to maximize output and minimize waste, it emphasizes the importance of utilizing limited resources effectively. This involves balancing various factors such as production, consumption, and distribution to achieve the highest possible benefit for society. By focusing on efficiency, economies can enhance productivity, foster innovation, and improve overall welfare. However, it is essential to also consider equity and sustainability alongside efficiency to ensure long-term societal well-being.
Explain how the production of services differs from the production of manufacturing goods give two example?
In the game of economics, which of the following players use goods and services?
Features of managerial economics?
There are several features of managerial economics. They include assessing the market competition, following a pricing strategy, and following legal regulations.
In economics workers are both producers and which of the following?
Consumers
Economics is about allocating resources for doing which of the following processes involving goods and services?
Production and distribution
Explain how the production of services differs from the production of manufacturing goods give two example?
In the game of economics, which of the following players use goods and services?
Features of managerial economics?
There are several features of managerial economics. They include assessing the market competition, following a pricing strategy, and following legal regulations.
In economics workers are both producers and which of the following?
Consumers
In economics workers are both producers and which the following?
Consumers
Which if the following is an example of production decision?
A production decision involves determining how to allocate resources to create goods or services efficiently. An example would be a manufacturing company deciding to invest in new machinery to increase output and reduce labor costs. This decision reflects choices about technology, resource allocation, and production processes to meet demand.
In an economic system decisions need to be made about productive resources and which of the following?
Allocation
Scope of micro economics?
Under the scope of microeconomics we study about different fields of areas of it . The major scope of microeconomics covers the following topics: 1. theory of demand (consumers behaviours) 2. theory of production ( producers behaviours) 3. theory of product pricing (price & output determination) 4. theory of factor pricing ( distribution) 5. theory of economic welfare
In economics workers are both producers and whitch of the following?
Consumers
What is single partition allocation?
pl click the following link for the detailsed answer for the above question
What are the scope of microeconomics?
The scope of Micro Economics is concerned with the following topics :-1. Commodity PricingPrices of individual commodities are determined by market forces of demand and supply. So micro economics makes demand analysis (individual consumer behaviour) and supply analysis (individual producer behaviour).2. Factor PricingLand, labour, capital and entrepreneur, all factors contribute in production process. So they get rewards in the form of rent, wages, interest and profit respectively. Micro economics deals with determination of such rewards i.e. factor prices. So micro economics is also called as 'Price Theory' or 'Value Theory'.3. Welfare TheoryMicro economics deals with optimum allocation of available resources and maximisation of social welfare. It provides answers for 'What to produce?', 'When to produce?', 'How to produce?' and 'For whom it is to be produced?'. In short, Micro economics guides for utilizing scarce resources of economy to maximize public welfare.
Economics is about allocating resources to produce and distribute which of the following?
Goods and services
