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The study of how individuals and governments allocate scarce resources in an attempt to satisfy unlimited wants is?
Wiki User
∙ 15y ago
Economics
Wiki User
∙ 15y ago
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What problems do all economic systems face?
1. How to allocate scarce resources among unlimited wants and 2. how to decide what to produce, how to produce, and for whom to produce.
How is scarcity related to study of economics?
Economics at its heart is the study of decisions made in order to efficiently allocate resources. Scarcity refers to the lack of unlimited resources in regards to the three inputs of production, labor, land and capital.
How does the market allocate resources?
Through price mechanism...
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What made a scarcity?
A scarcity is created when people have unlimited wants, or needs, but their resources are limited. When scarcity happens, many economic decisions must be made to efficiently allocate resources.
What problems do all economic systems face?
1. How to allocate scarce resources among unlimited wants and 2. how to decide what to produce, how to produce, and for whom to produce.
How is scarcity related to study of economics?
Economics at its heart is the study of decisions made in order to efficiently allocate resources. Scarcity refers to the lack of unlimited resources in regards to the three inputs of production, labor, land and capital.
What do you call computers that allocate resources?
nodes
In a command economy the government does not do?
Allocate resources.
In a command economy what does the government do?
Allocate resources.
in a command economy the government do not do?
Allocate resources.
In command economy the government does not do what?
Allocate resources.
What does government do in a command economy?
Allocate resources.
How does the market allocate resources?
Through price mechanism...
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
