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Explain the economic problems between the city dweller and the farmers?
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. porn
Scarcity exists because there is a limited supply of?
Scarcity exists because we have unlimited wants and only a limited supply of resources to produce goods and services that satisfy our wants
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
Why must firms make decisions about which goods they will produce?
because firms have access to limited resources of land, labor, and capital
Is the study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals A Economics B Capitalism?
Capitalism
What does it mean when economist says that an area specializes in producing certain products?
They use their resources to produce a limited range of goods.
Define The term limited resources?
Limited resources are restricted or scarce supply of sources used to create products. This can include inadequate labor or raw materials to produce goods.
Explain the economic problems between the city dweller and the farmers?
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. porn
What are the five characteristics of resources?
a.They are scarce i.e their supply is limited. b.They have mortality value. c.They are evenly distributed. d.They have alternative resources.
Define what is meant by scarcity when referring to the economic problem?
Scarcity is our limited resources but unlimited wants.The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Scarcity exists because there is a limited supply of?
Scarcity exists because we have unlimited wants and only a limited supply of resources to produce goods and services that satisfy our wants
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
Why must firms make decisions about which goods they will produce?
because firms have access to limited resources of land, labor, and capital
Profit maximization of out with limited resources?
When profit maximization is performed with limited resources, ration formulation is used. If an organization is without limited resources, no rationing is needed.
What the production possibilities curve?
It is a graph that represents various maximum combinations of output a nation can produce with limited economic resources in a fixed period of time.
What is the products possibilities curve?
It is a graph that represents various maximum combinations of output a nation can produce with limited economic resources in a fixed period of time.
Is the study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals A Economics B Capitalism?
Capitalism
