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Economics and productive resources are alike in that both focus on the allocation and management of limited resources to meet human needs and wants. Economics studies how individuals and societies make choices about these resources, while productive resources—such as land, labor, and capital—are the inputs used to create goods and services. Both concepts emphasize efficiency and the trade-offs involved in decision-making processes. Ultimately, they are interconnected as productive resources are fundamental to the functioning of economic systems.
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Which statement would best complete a short definition of economics ''Economics is the study of .........''?
The efficient use of scarce productive resources.
What is the most crucial problems of economics?
allocating scarce productive resources to satisfy wants.
The economizing problem of economics is..........?
That productive resources are scarce relative to economic wants.
What is the fundamental problem of economic?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.
What is the fundamental economic problem?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
What is the fundamentals of economics?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
Which statement would best complete a short definition of economics ''Economics is the study of .........''?
The efficient use of scarce productive resources.
What is the most crucial problems of economics?
allocating scarce productive resources to satisfy wants.
The economizing problem of economics is..........?
That productive resources are scarce relative to economic wants.
What is the fundamental economic problem?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
What is the fundamental problem of economic?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.
What is productive efficiency in economics?
Productive efficiency (also known as technical efficiency) occurs when the economy is utilizing all of its resources efficiently, producing most output from least input
Economics is concerned with using scarce productive resources efficiently in attempting to satisfy society economic wants this staement is?
positive, but incorrect
What is the key economic concept that serves as the basis for the study of economics is?
efficient use of limited productive resources to satisfy economic wants.
What is efficiency in economics?
Productive efficiency (also known as technical efficiency) occurs when the economy is utilizing all of its resources efficiently, producing most output from least input
What are the scarce productive resources?
me
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.
