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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.


What is the difference between communism and capitalism in terms of their economic and political systems?

Communism is an economic and political system where the government owns and controls all resources and means of production, aiming for equality among all citizens. Capitalism, on the other hand, is a system where individuals and businesses own and control resources and means of production, with a focus on competition and profit.


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


How do capitalism and communism compare and contrast in terms of their economic systems and principles?

Capitalism and communism are two different economic systems with contrasting principles. In capitalism, the means of production are privately owned and operated for profit, with competition driving the economy. In contrast, communism advocates for collective ownership of the means of production and aims for a classless society where resources are distributed based on need rather than profit.


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.