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What are satisfy the unlimited needs wants of the society with limited resources?
Wiki User
∙ 9y ago
Obviously all the needs cannot be satisfied. Rationing would be one solution.
Wiki User
∙ 9y ago
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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 is an economics?
Economics is mainly the study of how people and society chose utilize their scarce resources to satisfy their unlimited needs and wants.When there is limited resources you will have a choice in which what needs and wants will you fully utilise them in and this this where the concept of opportunity cost (Next best Alternative) comes where you will have to chose which option is the best in you can use you resources in.E.g. you have $5. 1st option movies cost $52nd option Lunch cost $5Since you only have $5 which option would be the best inorder to satisfy your unlimited need and want?do you really need to watch the movie? nobut do you need to eat? yesSo your best alternative to use that limited resource is buying your lunch.Eliki Waqavakatoga
What is the primary concern of economics?
How society chooses to use its limited resources
This is when resources are limited and the need for a good or service is higher for a society than what is produced?
Scarcity
What three ways do limited resources affect a society production of good and services?
ncus
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 is an economics?
Economics is mainly the study of how people and society chose utilize their scarce resources to satisfy their unlimited needs and wants.When there is limited resources you will have a choice in which what needs and wants will you fully utilise them in and this this where the concept of opportunity cost (Next best Alternative) comes where you will have to chose which option is the best in you can use you resources in.E.g. you have $5. 1st option movies cost $52nd option Lunch cost $5Since you only have $5 which option would be the best inorder to satisfy your unlimited need and want?do you really need to watch the movie? nobut do you need to eat? yesSo your best alternative to use that limited resource is buying your lunch.Eliki Waqavakatoga
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 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?
What is the primary concern of economics?
How society chooses to use its limited resources
This is when resources are limited and the need for a good or service is higher for a society than what is produced?
Scarcity
What three ways do limited resources affect a society production of good and services?
ncus
Economics is concerned with using scarce productive resources efficiently in attempting to satisfy society economic wants this staement is?
positive, but incorrect
Economics is a sciene that analyzes what?
economics is the social science that deals with how the society allocates its scarce resources among its unlimited wants and needs
What is the basic economic problem of every society begins as a result of scarcity of resources?
Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources.
What are the twin themes of economics?
Scarcity and Efficiency refers to the Twin themes of Economics;Scarcity occurs where it's impossible to meet all unlimited the desires and needs of the peoples with limited resources i.e; goods and services. Society must need to find a balance between sacrificing one resource and that will result in getting other.Efficiency denotes the most effective use of a society's resources in satisfying peoples wants and needs. It means that the economy's resources are being used as effectively as possible to satisfy people's needs and desires.Thus, the essence of economics is to acknowledge the reality of scarcity and then figure out how to organize society in a way which produces the most efficient use of resources.Daniyal Akrammdaniyal2005@hotmail.com
