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What is an example of the kinds of choices that a business would have to make because of scarcity?
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
The basic economic problem is that of allocating scarce resources among the competing and virtually limitless wants of?
Consumers In Society.
A person who purchases goods and services is called a?
It's called a trade -off No problem hope that's it
Does economic growth solves the problem of scarcity?
Yea of course....its due to economic growth goods and services are produced at large and hence fight the problem of scarcity as everyone will be able to consume goods
Explain what is meant by the basic economic problem?
Economic problem is the problem regarding allocation of limited resources for the production of alternative goods and services. in other words, economic problem is the 'problem of choice'. Since the resources are scarce and they have alternative uses, there arises the problem of choice regarding the use of these resources. The law of scarcity states that goods are scare because there are not enough resources to produce all goods that people want to consume. Thus, Economic Problem is the 'problem of relative scarcity' and the 'problem of choice' arising therefrom.The basic economic problems of an economy are given below:What to produce and how much to produce?How to produce?For whom to produce?Problem of fuller utilisation of resources.Problem of efficiency in utilisation of resources.Problem of economic growth.
What is an example of the kinds of choices that a business would have to make because of scarcity?
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
The basic economic problem is that of allocating scarce resources among the competing and virtually limitless wants of?
Consumers In Society.
A person who purchases goods and services is called a?
It's called a trade -off No problem hope that's it
Does economic growth solves the problem of scarcity?
Yea of course....its due to economic growth goods and services are produced at large and hence fight the problem of scarcity as everyone will be able to consume goods
What are roles of customer care jobs?
As far as I know, the roles of customer care are assisting the customer to resolve the problem on products and services within a phone call conversation. They are also answering the customer inquiries about products and services.
Explain what is meant by the basic economic problem?
Economic problem is the problem regarding allocation of limited resources for the production of alternative goods and services. in other words, economic problem is the 'problem of choice'. Since the resources are scarce and they have alternative uses, there arises the problem of choice regarding the use of these resources. The law of scarcity states that goods are scare because there are not enough resources to produce all goods that people want to consume. Thus, Economic Problem is the 'problem of relative scarcity' and the 'problem of choice' arising therefrom.The basic economic problems of an economy are given below:What to produce and how much to produce?How to produce?For whom to produce?Problem of fuller utilisation of resources.Problem of efficiency in utilisation of resources.Problem of economic growth.
How do wants and need and the basic economic problem drive economic growth?
Wants and needs are fundamental to the basic economic problem of scarcity, which arises because resources are limited while human desires are virtually unlimited. This gap drives individuals and societies to prioritize resource allocation, innovate, and improve efficiency, thus stimulating economic growth. As businesses respond to consumer demands by developing new products and services, competition encourages advancements in technology and productivity. Ultimately, addressing wants and needs leads to increased consumption, investment, and overall economic expansion.
Define the economic problem?
define economic problem
What are the importance of technological innovation?
Technological innovation is crucial as it drives economic growth, enhances productivity, and improves efficiency across various sectors. It fosters problem-solving by creating new solutions to existing challenges, leading to improved quality of life. Additionally, innovation can stimulate competition, encouraging companies to develop better products and services, ultimately benefiting consumers. Overall, it plays a vital role in shaping the future and addressing global issues.
What are social factors affecting business?
A high unemployment rate is a social problem that affects businesses. With fewer people working, consumers can't purchase a businesses' products.
Baking soda can neutralize acids in what type of consumers products might you find baking soda?
i have used alka-seltzer for years. it has always worked. never had a problem with it.
How to Clean catalytic converters?
NO WAY!!! otherwise you'd see tons of commercial products for cheapper than the cat, but still expensive enough to cause a problem to average consumers.
