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This is when resources are limited and the need for a good or service is higher for a society than what is produced?
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∙ 10y ago
Scarcity
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∙ 10y ago
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What is the primary concern of economics?
How society chooses to use its limited resources
What three ways do limited resources affect a society production of good and services?
ncus
What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
What are satisfy the unlimited needs wants of the society with limited resources?
Obviously all the needs cannot be satisfied. Rationing would be one solution.
What is the law of scarcity in economics?
Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. ...
What are the basic questions every society must answer?
What goods and services are to be produced with the limited resources of a society.? How can the limited resources be used to benefit the society? Who are to be benefited from the existing resources:? How can the economy change to the fluctuating environment? How can health and sustainability be addressed?
What are the 5 basic questions every society must answer?
What goods and services are to be produced with the limited resources of a society.? How can the limited resources be used to benefit the society? Who are to be benefited from the existing resources:? How can the economy change to the fluctuating environment? How can health and sustainability be addressed?
A society that relies on non renewable resources is unstable because these resources?
A society that relies on non renewable resources is unstable because these resources will eventually be used up faster than they can be produced, leaving the renewable society with no resources, leading to society's death.
Provide an example that represents limited resources?
Factors of production are also termed resources or scarce resources. This factor must be produced using other factors of production, which means that society is often, Farmland provides an example of the blur between land and capital.
What is the primary concern of economics?
How society chooses to use its limited resources
What three ways do limited resources affect a society production of good and services?
ncus
What is economically efficient?
Economic efficiency refers to a situation where a given society uses limited resources in an efficient manner in the process of satisfying their unlimited wants.i.e engaging in a process of utilizing limited resources in producing the most desired and preferred goods and services of a society at the optimum level.There are two main factors which contribute towards the achievement of economic efficiency.Productive efficiency - ( using limited resources in a manner which provides the maximum or optimum contribution towards the total producion of an economy. )Allocative efficiency- ( llocating limited resources of a society towards the producion of the most desired combination of goods and services. )
What is a curved production?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
How production possibility frontier provide an insight into the issue of scarcity and choice which an economy faces when deciding what goods and services to produce?
Since resources are limited,the society cannot get all the goods and services the people want.And hence some mechanisms are used to guide the use of resources in the production of goods and services to satisfy as many as people wants as possible. When the society do not know what to produce,the Production Possibility Frontier [PPF] is used to represent a boundary between those combination of goods and services which can be produced and those which cannot be produced.
What are satisfy the unlimited needs wants of the society with limited resources?
Obviously all the needs cannot be satisfied. Rationing would be one solution.
What is the law of scarcity in economics?
Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. ...
