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What is alternative cost in economics?
According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
What if scarcity didn't exist?
If scarcity didn't exist, resources would be abundant and accessible to everyone, fundamentally transforming economies and societies. This could lead to the elimination of competition for resources, fostering collaboration and innovation. However, it might also challenge the value of goods and services, as their worth often derives from limited availability. Ultimately, a world without scarcity could reshape human motivations, social structures, and environmental interactions.
If the principle consern of economics is the question of how best to us society resources then economics would be irrelevanf if?
Economics would be irrelevant if resources were unlimited and could satisfy all human wants without any trade-offs. In such a scenario, there would be no need for allocation, prioritization, or decision-making regarding resource use. Additionally, if human needs and preferences were static and predictable, the complexities of economic analysis would diminish, rendering the field unnecessary.
How do cooperatives differ from typical businesses?
Cooperatives differ from typical businesses because they are organization that consisting of people who pool their resources to buy and sell more efficiently than they could individually. Also, cooperatives are always minimizing costs and working with limited liability of its members.
What are Negative effects on both surplus and shortage in demand and supply?
A shortage could cause a black market because there is limited amount of supply. It also could cause sellers to discriminate on who gets to buy the limited amount of supply.
Is Greece limited or unlimited?
Greece is a country located in southeastern Europe and is limited in terms of its geographical boundaries. It is bordered by the Aegean Sea to the east, the Ionian Sea to the west, and shares land borders with Albania, North Macedonia, Bulgaria, and Turkey. In terms of resources and economic potential, Greece could be considered to have both limited and unlimited aspects, depending on the specific context being considered.
Why are solar panels a responsible design?
Solar energy is virtually unlimited. Overuse of limited resources of fossil fuels (coal, oil, etc.) is not responsible because we could run out, or our descendants will run out sooner than if we limit our use of those resources. Burning these fuels is also contributing to global warming.
How many factors any number has limited or unlimited?
every number has a limited amount of factors those you could chose any number and find another with that number of factors
What are example of unlimited and limited government?
The only limited governments I know are USA and Somalia, but as for unlimited there is a whole bunch! There is Nazi Germany, Cambodia, Uganda, China, Soviet Union, and Burma. I am sure that you could find a few more if you googled it. Remember, google is your friend! Hope it helped!
Are some natural resources that are harvested in Georgia?
The valuable resources that could be found in Georgia is called a kaolin.
What is limited resource?
. Fossil fuels(such as coal, petroleum, and natural gas
How could a resource become limited?
Although we think of some resources as renewable, resources are always finite and limited.A resource that we think of as renewable could become one that we think of as non-renewable or limited if a tragedy happened. For instance, beef is a renewable resource, because more cattle are born every year. But if a disease wiped out almost all cows worldwide, then the species would be endangered, and the idea and cost of having beef at a meal would change completely... we would start seeing that resource as a limited resource rather than the infinite supply that we sometimes imagine now.A supply could also become sharply limited if it is overused, or our technology isn't good enough to gain access to something, even if it still exists somewhere.
Which scientist hypothesized that more offspring were born in a population than could survive based on limited resources?
jesus in bethalem
Are resources that are used to make a pencil in limited supply...could we run out of the resources...are some parts recycled?
Some pencils are recycles out of things like newspaper, but others are made from trees. Whilst it is unlikely that we will run out of the resources needed, it is possible to.
What could the Jews take into the ghetto?
They could not carry anything in! ______________ It depended on where they came from, if they came from the same city or close by (ie by foot), then it was almost unlimited. [Though anything of real value that the Germans could see would most often be stolen]. If they came by train, then they were limited by how much they could carry.
Why can you find out the answer to unlimited question?
it is something you could look for it
How does economics affect the way public health responds to the prevention and control of STDs including HIV or AIDS?
Our society doesn't have unlimited financial resources, so difficult choices must be made. Priorities must be set. Decisions are made to make the most efficient use of available resources. Each and every patient may not receive the best possible treatment regardless of cost. Many patients will suffer and die who could have been saved, had unlimited resources been available.
