0
What best explains why resources needs to be allocated in the game of economics?
Wiki User
∙ 7y ago
Resources are not
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What is the study of how people use resources to meet their needs?
ECONOMICS
What is the study of how people manage their limited resources to satisfy their wants and needs?
economics
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
How important is the study of economics?
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What is the study of how people use resources to meet their needs?
ECONOMICS
The study of how people use resources to meet their needs is?
Economics
What is the study of how people manage their limited resources to satisfy their wants and needs?
economics
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
How important is the study of economics?
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
Definition of economics by bernardo villegas?
Economics is the science of allocating scarce resources to satisfy man's unlimited, multiple, competing wants and needs.
Is the study of economics necessary in a situation of abundant resources?
is the study of economics necessary in a situation of abundant
Meaning of economics by Andres Castillo?
Study on how human deals with his limited resources to satisfy his unlimited wants and needs.
Economics is controlled by what?
Supply and demand: limited resources are used in any of various ways to fulfill the demands (or needs) of consumers.
Difference between economics and business economics?
1. Business economics is a branch of economics which applies microeconomics analysis tro decision methods of business or other management units where as economics is the science which studies how the scarce resources are employed for the satisfaction of needs of men living in the society. 2. Business economics is micro in nature whereas economics is macro in nature.
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. ...
