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In an economic system decisions need to be made about productive resources and which of the following?
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∙ 15y ago
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∙ 15y ago
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What is the fundamental economic problem?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
What is the fundamental problem of economic?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
The economizing problem of economics is..........?
That productive resources are scarce relative to economic wants.
What is the key economic concept that serves as the basis for the study of economics is?
efficient use of limited productive resources to satisfy economic wants.
What is the fundamental economic problem?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
What is the fundamental problem of economic?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
The economizing problem of economics is..........?
That productive resources are scarce relative to economic wants.
What is the key economic concept that serves as the basis for the study of economics is?
efficient use of limited productive resources to satisfy economic wants.
Which department is concerned with the efficient use of your national resources in order to create a more productive economy?
The department that is concerned with the efficient use of your national resources in order to create a more productive economy is the Bureau of Economic Analysis. This provides economic statistics including the GDP.
What is the fundamentals of economics?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
How do countries make decisions about economic resources?
they have a governer to help make dicisions
The basic economic condition that exists when unlimited wants exceed limited productive resources is called?
Scarcity
When markets or governments make economic decisions about what goods and service their resources will be use to make what economic decision are they answering?
What to produce
When market or governments make economic decisions about what goods and services their resources will be used to make what basic economic question are they answering?
What to produce
When markets make economics decisions convert resources into goods and services?
Demand will always force markets to make economic decisions to convert resources into goods and services. Without demand. There is any reason to convert the resources.
