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How does scarcity affect the factors of production?

Scarcity is the non-abundance of resources. Resources are needed to produce. Thus, the more that is produced, the more resources are being used.


When market governments decide how to distribute wealth money goods and services what basic economic question are they answering?

Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.


What are disadvantages to a market economy?

A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.


What are the five basic problems of economics?

Five Baisc Problems of economics 1) Wat to Produce? 2) In what quantity ti be produced 3) How to Produce? 4) For whom to Produce? 5)How efficiently are the Resources being utilisec??


How society chooses to use resources to produce and distribute goods and service for people consumption?

Society determines the allocation and use of resources through economic systems such as capitalism, socialism, or mixed economies, each with its own methods of production and distribution. Market forces, government policies, and social needs influence decisions about which goods and services to produce, how to produce them, and who receives them. This process involves balancing efficiency, equity, and sustainability to meet the demands and preferences of the population. Ultimately, resource distribution reflects societal values and priorities, impacting overall well-being and economic growth.

Related Questions

How does scarcity affect the factors of production?

Scarcity is the non-abundance of resources. Resources are needed to produce. Thus, the more that is produced, the more resources are being used.


When market governments decide how to distribute wealth money goods and services what basic economic question are they answering?

Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.


What are disadvantages to a market economy?

A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.


When markets or governments make economic decision about how to most efficiently convert their resources into goods and service what basic economic question are they answering?

Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.


What does Cancun Mexico produce?

Cancun's agriculture and manufacturing is negligible. Most of its economy is services-oriented, being tourism and its associated services the majority of economic activities done there.


Is man a social being or an economic being?

Man is a social being with a social contract with the society but with economic ability to produce good and services for his economic human wants and needs.


What are the five basic problems of economics?

Five Baisc Problems of economics 1) Wat to Produce? 2) In what quantity ti be produced 3) How to Produce? 4) For whom to Produce? 5)How efficiently are the Resources being utilisec??


How society chooses to use resources to produce and distribute goods and service for people consumption?

Society determines the allocation and use of resources through economic systems such as capitalism, socialism, or mixed economies, each with its own methods of production and distribution. Market forces, government policies, and social needs influence decisions about which goods and services to produce, how to produce them, and who receives them. This process involves balancing efficiency, equity, and sustainability to meet the demands and preferences of the population. Ultimately, resource distribution reflects societal values and priorities, impacting overall well-being and economic growth.


What is the society's first economic task?

A society's first economic task is to allocate resources efficiently to meet the needs and wants of its population. This involves determining how to produce goods and services, who will produce them, and how they will be distributed. Efficient resource allocation helps ensure sustainability and stability, allowing for growth and development within the community. Ultimately, the goal is to enhance the overall well-being and quality of life for its members.


Why don't poor countries react as well to natural disasters?

Being poor they haven't the resources to do much about them. Few hospitals, little rescue services.


Why is a nation with abundant resources better off trading than being self-sufficient?

A nation is better off when it produces goods and services for which it has a comparative advantage.


How do Public Services Serve Their Communities?

Public services serve their communities by providing essential resources, such as healthcare, education, transportation, and safety services. They aim to address the needs of the community and improve the overall well-being of its residents. Public services are funded by taxpayer dollars and are intended to benefit all members of society.