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How price system allocates scarce resource in free economy?
Scarce resources are allocated to those who are willing and able to pay the most in a free economy.
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
Who gets scarce resources in a market economy?
the government
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
Why all goods and services are scarce?
All resources are scarce.
How price system allocates scarce resource in free economy?
Scarce resources are allocated to those who are willing and able to pay the most in a free economy.
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
Who gets scarce resources in a market economy?
the government
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
Why all goods and services are scarce?
All resources are scarce.
What are resources in terms of economics?
resources are scarce,.the concepts of scarcity arises from the scarce resources or simply resources for short.
What are scarce economic resources?
Resources that are limited and in demand are scarce, and therefore have a cost.
What is scarcity of resources?
resources that are scarce
All goods and services are scarce because the resources that compose them are scarce?
Resources are limited .
Which of these statement is false Economics is anout conserving scarce resources Economics is about the use of scarce resources?
Economics doesn't truly care about the conservation of scarce resources, it only cares about how those scarce resources are used. The statement 'Economics is about conserving scare resources' is false.
Why goods and services are scarce?
All resources are scarce.
Why do some people believe that the market system is the best mechanism for allocating scarce resources?
Some people believe that the market system is the best mechanism for allocating scarce resources because it allows for competition, which can drive efficiency and innovation. They argue that market forces of supply and demand provide a self-regulating mechanism that can efficiently allocate resources based on consumer preferences and willingness to pay. Additionally, proponents of the market system often view it as promoting individual choice and freedom.
