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Why do countries with different economic systems face the same fundamental economic problems?
The central problem in economics is that resources are scarce and have alternative uses, but our wants are without limits! Therefore not all of our wants can be satisfied. We must therefore choose what goods and services to produce and therefore which of our many wants to satisfy.
Process of choosing which needs or wants willbe satisfied?
Economic Decision Making
What is the fundamental fact of life from which all economic problems arise?
wants cannot be satisfied.
Human wants are satisfied by A Consumers B Available Resources C Economic Systems D God?
Not (A) 'Consumers', because consumers are the humans who have needs and wants.(B) Available resources are used to meet human needs.(C) Economic systems are used to provide and distribute available resources.Not (D) God, because, if he exists there is no evidence that he has ever provided for human wants, other than through available resources and our own economic systems.So the answer is thathuman wants are satified by available resources, assisted by the economic system. Those who choose to do so can see God play an unseen and unprovable role in the distribution of available resources.
People whose needs and wants are satisfied are called what?
People whose needs and wants are satisfied are called consumers. I HOPE THIS HELPS YOU!!
Why do countries with different economic systems face the same fundamental economic problems?
The central problem in economics is that resources are scarce and have alternative uses, but our wants are without limits! Therefore not all of our wants can be satisfied. We must therefore choose what goods and services to produce and therefore which of our many wants to satisfy.
Process of choosing which needs or wants willbe satisfied?
Economic Decision Making
What is the fundamental fact of life from which all economic problems arise?
wants cannot be satisfied.
Human wants are satisfied by A Consumers B Available Resources C Economic Systems D God?
Not (A) 'Consumers', because consumers are the humans who have needs and wants.(B) Available resources are used to meet human needs.(C) Economic systems are used to provide and distribute available resources.Not (D) God, because, if he exists there is no evidence that he has ever provided for human wants, other than through available resources and our own economic systems.So the answer is thathuman wants are satified by available resources, assisted by the economic system. Those who choose to do so can see God play an unseen and unprovable role in the distribution of available resources.
People whose needs and wants are satisfied are called what?
People whose needs and wants are satisfied are called consumers. I HOPE THIS HELPS YOU!!
Can human wants ever be full satisfied?
no
Are wants and needs the same According to Maslov?
Wants and needs are not the same. According to Mazlow, needs are basic things for human survival and are lower on the heirarchy than wants which can only be satisfied after needs are satisfied.
What is the first major decision made in an economy?
how can wants be satisfied
What commandment wants us to be satisfied with your own expressions?
The seventh commandment
What are most public wants satisfied?
local, state, and federal government
What are the characteristics of basic wants?
The recurrent, that is, they occur again and again eg food, clothes. Some wants are complementary as they go with other wants eg petrol is complementary of a car and as socks are to shoes. Other is competitive which means that income is limited; therefore not all wants can be satisfied. They compete with each other to be consumed by the individual. All wants are unlimited; they are never completely satisfied. When one want is satisfied, another takes its place. Wants are also changeable meaning that they can change over time.
What is the distinction between economic wants and economic needs?
economic wants is something the economy wants as an extra An economic need is something wither a object or servise for the economy to survive! Hope this helps! :)
