0
How is production possibilities used to help allocate scarce resources?
Wiki User
∙ 11y ago
its like comparing guns and butter...if you want to make more butter you have give up some guns...if you want to make more guns you have to give up some sticks of butter.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
The study of how individuals and governments allocate scarce resources in an attempt to satisfy unlimited wants is?
Economics
Economics is about the production of goods and services which requires the allocation of what?
Resources
What is called the use of scarce resources for production of goods and services?
Rationing
The use and distribution of scarce resources for production of goods and services?
Economics
How important is the study of economics?
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
What is the economic life of a country?
Economic is the science which is concerned with how socities allocate scarce resources.
The study of how individuals and governments allocate scarce resources in an attempt to satisfy unlimited wants is?
Economics
Economics is about the production of goods and services which requires the allocation of what?
Resources
Why did the government create the office of mobilization?
To supervise the government agencies involved in the war effort.The Office of War Mobilization (OWM) supervised Government efforts to allocate scarce resources, regulate production, established production contracts, negotiate with organised labor, and control inflation.
What is called the use of scarce resources for production of goods and services?
Rationing
The use and distribution of scarce resources for production of goods and services?
Economics
Why did the government create the office of war mobilizations?
To supervise the government agencies involved in the war effort.The Office of War Mobilization (OWM) supervised Government efforts to allocate scarce resources, regulate production, established production contracts, negotiate with organised labor, and control inflation.
Why did the government create the office of war mobilization'?
To supervise the government agencies involved in the war effort.The Office of War Mobilization (OWM) supervised Government efforts to allocate scarce resources, regulate production, established production contracts, negotiate with organised labor, and control inflation.
How important is the study of economics?
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
What problems do all economic systems face?
1. How to allocate scarce resources among unlimited wants and 2. how to decide what to produce, how to produce, and for whom to produce.
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.
