considering whether companies or the government should make the goods.
their economic system
When a society cannot produce all the goods that people wish to have, it is experiencing scarcity. This economic condition arises when limited resources are insufficient to meet unlimited human wants and needs. Scarcity forces societies to make choices about how to allocate resources effectively, often leading to trade-offs and prioritization of certain goods and services over others.
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
In a market economy, the decisions regarding what to produce, who will produce it, and for whom it will be produced are primarily made by producers and consumers through the forces of supply and demand. Producers respond to consumer preferences and market signals, determining what goods and services to offer. This contrasts with planned economies, where such decisions are typically made by the government.
because firms have access to limited resources of land, labor, and capital
their economic system
no, i dont think that any society can produce goods and services that meet all its wants because there are societies with poor resourses and some with rich resources.
Allocating
Allocating
Whether small or large, "business is an organized effort by individuals to produce and sell for a profit, goods and services that satisfy societies needs."Whether small or large, "business is an organized effort by individuals to produce and sell for a profit, goods and services that satisfy societies needs."
to produce more goods in certain countries
When a society cannot produce all the goods that people wish to have, it is experiencing scarcity. This economic condition arises when limited resources are insufficient to meet unlimited human wants and needs. Scarcity forces societies to make choices about how to allocate resources effectively, often leading to trade-offs and prioritization of certain goods and services over others.
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
Economics is the social science that studies how individuals, governments, and societies make choices on how to allocate resources to produce goods and services for consumption. It deals with the production, distribution, and consumption of goods and services within a society.
In a market economy, the decisions regarding what to produce, who will produce it, and for whom it will be produced are primarily made by producers and consumers through the forces of supply and demand. Producers respond to consumer preferences and market signals, determining what goods and services to offer. This contrasts with planned economies, where such decisions are typically made by the government.
They use their resources to produce a limited range of goods.
because firms have access to limited resources of land, labor, and capital