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What is the micro and macroeconomics?
Microeconomics deals with the study of how individuals, including individual groups deal with scarcity. Macroeconomics deals with the study of how combinations or aggregates of individuals deal with scarcity.
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
Which system is used to deal with scarcity in the US?
market allocation
What is the basic task that economists expect the market to carry out?
deal with the fundamental problem of scarcity
How does communism deal with scarcity or abundance?
They decide on an amount as to what each person will receive then divide it up based on your household
What is the micro and macroeconomics?
Microeconomics deals with the study of how individuals, including individual groups deal with scarcity. Macroeconomics deals with the study of how combinations or aggregates of individuals deal with scarcity.
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
Which system is used to deal with scarcity in the US?
market allocation
Which system is used to deal with scarcity in Australia?
Market Allocation.
What is the basic task that economists expect the market to carry out?
deal with the fundamental problem of scarcity
How does distribution effect market economy?
Distribution effects market economies because they will have to deal with scarcity, and with scarcity, they cant have as many things. The distribution will allow a widespread of things to occur.
How did ancient Egyptian farmers deal with the scarcity of land and water for growing crops?
by croping in 2 season
How does communism deal with scarcity or abundance?
They decide on an amount as to what each person will receive then divide it up based on your household
Which system is used to deal with scarcity in the United states?
first come, first servedcommand allocationmarket allocationsharing equally
Why do all countries face the basic economic problem?
The basic economic problem is about scarcity and choice, which every society has to deal with.
Do wealthy people have to deal with scarcity?
Yes, wealthy people can experience scarcity, though it may differ from the scarcity faced by those with fewer resources. For the wealthy, scarcity might manifest in terms of time, attention, or specific luxury goods that are limited in availability. Additionally, they may face pressure to maintain their wealth or meet high expectations, which can create a different kind of scarcity in their lives. Ultimately, while their resources may alleviate many forms of scarcity, it does not eliminate the concept entirely.
Which fundamental economic problem of farmers did new deal policies attempt to solve?
the answer to this question is scarcity of fertile land or shortage of labor
