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What are the three central economic problem?
(i) Which goods should be produced and in how much quantity? (scarcity) (ii) What technique should be adopted for production? (efficiency, PPC) (iii) For whom goods should be produced? (allocation of goods)
What describes the efficiency function of economics?
The government oversees the production of goods and services. (A+)
What best describes the efficiency function of economics?
The government oversees the production of goods and services
What does efficiency mean in economics?
In economics, efficiency means the overall use of resources. The overall use of resources can help maximize the production of the goods. In turn, the potential to make more money is there.
Why is what to produce a problem in every economy?
What to produce?There are two aspects of this problem--- firstly, which goods should be produced, and secondly, what should be the quantities of the goods that are to be produced. The first problem relates to the goods which are to be produced. In other words, what goods should be produced? An economy wants many things but all these cannot be produced with the available resources.Therefore, an economy has to choose what goods should be produced and what goods should not be. In other words, whether consumer goods should be produced or producer goods or whether general goods should be produced or capital goods or whether civil goods should be produced or defense goods. The second problem is what should be the quantities of the goods that are to be produced.Production of goods depends upon the use of resources. Hence, this problem is the problem of allocation of resources. If we allocate more resources for the production of one commodity, the re­sources for the production of other commodities would be less.
What are the three central economic problem?
(i) Which goods should be produced and in how much quantity? (scarcity) (ii) What technique should be adopted for production? (efficiency, PPC) (iii) For whom goods should be produced? (allocation of goods)
What describes the efficiency function of economics?
The government oversees the production of goods and services. (A+)
What best describes the efficiency function of economics?
The government oversees the production of goods and services
What does efficiency mean in economics?
In economics, efficiency means the overall use of resources. The overall use of resources can help maximize the production of the goods. In turn, the potential to make more money is there.
Why is what to produce a problem in every economy?
What to produce?There are two aspects of this problem--- firstly, which goods should be produced, and secondly, what should be the quantities of the goods that are to be produced. The first problem relates to the goods which are to be produced. In other words, what goods should be produced? An economy wants many things but all these cannot be produced with the available resources.Therefore, an economy has to choose what goods should be produced and what goods should not be. In other words, whether consumer goods should be produced or producer goods or whether general goods should be produced or capital goods or whether civil goods should be produced or defense goods. The second problem is what should be the quantities of the goods that are to be produced.Production of goods depends upon the use of resources. Hence, this problem is the problem of allocation of resources. If we allocate more resources for the production of one commodity, the re­sources for the production of other commodities would be less.
Why is to produce a problem in every economy?
What to produce?There are two aspects of this problem--- firstly, which goods should be produced, and secondly, what should be the quantities of the goods that are to be produced. The first problem relates to the goods which are to be produced. In other words, what goods should be produced? An economy wants many things but all these cannot be produced with the available resources.Therefore, an economy has to choose what goods should be produced and what goods should not be. In other words, whether consumer goods should be produced or producer goods or whether general goods should be produced or capital goods or whether civil goods should be produced or defense goods. The second problem is what should be the quantities of the goods that are to be produced.Production of goods depends upon the use of resources. Hence, this problem is the problem of allocation of resources. If we allocate more resources for the production of one commodity, the re­sources for the production of other commodities would be less.
Which group of players use the goods and services produced in the game of economics?
Consumers.
Who decides what goods and services will be produced traditional economics?
SUR13 tls 404
Is the study of how goods services and wealth are produced?
Economics is about the production and distribution and ownership and taxation of goods, services, and wealth.
What is economics primarily concerned with?
The way goods and services are produced and provided to consumers, and used by them.
What is an optimum resource allocation?
Optimum allocation is when productive and allocative efficiency co-exist. Productive efficiency is achieved when when products are made with the least possible use of the resources, i.e, by incurring lowest possible costs in producing them Allocative efficiency is achieved when the combination of products produced provide consumers the greatest possible satisfaction, i.e, goods which are most wanted are produced When both these elements are present, there is also economics efficiency. This means that resources are used in the best way possible, i.e, producing the goods which are most wanted with the least possible use of resources
What Three question every economy must answer?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?
