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Economists refer to scarce resources as "factors of production" or "economic resources." These include land, labor, capital, and entrepreneurship, which are limited in availability and necessary for producing goods and services. Scarcity necessitates making choices about how to allocate these resources efficiently to meet the needs and wants of society. This fundamental principle underlies much of economic theory and decision-making.
What else can I help you with?
Why do all economists say all resources are scarce?
why are ecomics scarce?
What problems were the classical economists too concerned with?
Scarce land
Which of these problems where the classical economists to concerned wirth?
scarce land
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
Most economists agree that markets are weak and ineffective mechanisms for allocating scarce resources?
false
Why do all economists say all resources are scarce?
why are ecomics scarce?
What problems were the classical economists too concerned with?
Scarce land
Which of these problems where the classical economists to concerned wirth?
scarce land
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
Most economists agree that markets are weak and ineffective mechanisms for allocating scarce resources?
false
Economists refer to the process of making something as production?
NOVANET: true
Comparison of classical and neo classical economist?
classical economists are those economists who used 'scarce resources' concepts in their economic theories where as neo ones used price output income distribution like concepts in their theories.
Why is productivity important to economists?
To satisfy the whole Economy's needs and wants with the use of scarce resources, and because Productivity applies to all factors of production.
When economists refer to investment they are describing a situation where?
resources are devoted to increasing future output.
Using examples of land labor and capital explain why economists believe that all goods and services are scarce?
Economists believe that all goods and services are scarce because all the resources used to create them are scarce. It's like a cycle. Land is all the natural resources that create all the goods and services, if this is scarce then there would be no coal or oil to fuel machines that help keep the natural resources going (capital). If there are no machines to work with then the job becomes hard for workers to do, meaning very few people would do such a job (labor). It's all a cycle of limited resources.
Why do Economist use the term demand to refer to what?
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
Renewable rescources besides the sun?
Other renewable rescources include water, wind, biomass fuels, geothermal energy, and the tides.
