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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
Define economics using the following terms allocation distribution goods resources production and services?
I am presuming that economics refers to a certain type of science that serves with the inquiry of consumption of goods, allotment/allocation distribution, and both the production and distribution of services and goods. Economics can help solve the problem of resource recycling for the benefit of mankind.
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 .
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
Define economics using the following terms allocation distribution goods resources production and services?
I am presuming that economics refers to a certain type of science that serves with the inquiry of consumption of goods, allotment/allocation distribution, and both the production and distribution of services and goods. Economics can help solve the problem of resource recycling for the benefit of mankind.
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 .
What social science is described as people government and societies choose how to use scarce resources I produce items for consumption?
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.
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.
Why are all goods and services scarce in the economy?
Goods and services are scarce in the economy because there are limited resources available to produce them, and the demand for these goods and services exceeds the available supply. This scarcity forces individuals and businesses to make choices about how to allocate resources efficiently.
