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Under which economic system are resources devoted to production for use or need rather than production for profit?
Wiki User
∙ 14y ago
socialism
Wiki User
∙ 14y ago
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Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
How do capital resources increase production for a company?
Capital resources equal more goods and services produced in the future, for a higher profit. This is how having more resources increases production and profit in the long term.
Is economic profit a cost of production?
Economic profits are not costs of production since the entrepreneur does not require the gaining of an economic profit to keep the firm operating. In economics, costs are whatever is required to keep a firm operating.
Does accounting profit or economic profit determine how entrepreneurs allocate resources between different businesses ventures?
yes
Which economic system is defined as the use of private resources to make a profit?
capitolism
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
How do capital resources increase production for a company?
Capital resources equal more goods and services produced in the future, for a higher profit. This is how having more resources increases production and profit in the long term.
Is economic profit a cost of production?
Economic profits are not costs of production since the entrepreneur does not require the gaining of an economic profit to keep the firm operating. In economics, costs are whatever is required to keep a firm operating.
Does accounting profit or economic profit determine how entrepreneurs allocate resources between different businesses ventures?
yes
How does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures?
yes
Which economic system is defined as the use of private resources to make a profit?
capitolism
The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.?
Socialism (A+)
What do economists consider as basic resources or factors of production?
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
What describes The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
Socialism
What type of economic model fits this description The basic problems of scarcity and allocation of limited resources are solved by production for the use or need rather then production for profit?
You need to answer this question because we don’t do homework and your teacher is looking for your critical thinking skills and how well you understood the lesson.
What Economic system in which the means of production and distribution are privately owned and operated for profit under competitive conditions?
the answer is : Capitalism
What does the economic system in which the means of production and distribution are privately owned and operated for profit under competitive conditions?
Capitalism
