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The use and distribution of scarce resources for production of goods and services?
Wiki User
∙ 12y ago
Economics
Wiki User
∙ 12y ago
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Economics is about the production of goods and services which requires the allocation of what?
Resources
What is called the use of scarce resources for production of goods and services?
Rationing
Why all goods and services are scarce?
All resources are scarce.
All goods and services are scarce because the resources that compose them are scarce?
Resources are limited .
How should 'economics' be defined?
Economics is the social science concerned with the production, distribution, and consumption of wealth and the allocation of scarce resources in order to meet apparently unlimited human wants.
Economics is about the production of goods and services which requires the allocation of what?
Resources
What is called the use of scarce resources for production of goods and services?
Rationing
Why goods and services are scarce?
All resources are scarce.
Why all goods and services are scarce?
All resources are scarce.
All goods and services are scarce because the resources that compose them are scarce?
Resources are limited .
How should 'economics' be defined?
Economics is the social science concerned with the production, distribution, and consumption of wealth and the allocation of scarce resources in order to meet apparently unlimited human wants.
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
True or false all goods and services are scarce?
True. Because all resources are limited and become scarce.
What does the study of economics focus on?
what scarce resources are used to produce goods and services.
What was the purpose of the war production boarded?
The purpose of the board was to regulate the production and allocation of materials and fuel during World War II in the United States. The WPB converted and expanded peacetime industries to meet war needs, allocated scarce materials vital to war production, established priorities in the distribution of materials and services, and prohibited nonessential production.
What are resources in terms of economics?
resources are scarce,.the concepts of scarcity arises from the scarce resources or simply resources for short.
Using examples of land labor and capital explain why economists believe that all goods and services are scarce?
Economists believe that all goods and services are scarce because all the resources used to create them are scarce. It's like a cycle. Land is all the natural resources that create all the goods and services, if this is scarce then there would be no coal or oil to fuel machines that help keep the natural resources going (capital). If there are no machines to work with then the job becomes hard for workers to do, meaning very few people would do such a job (labor). It's all a cycle of limited resources.
