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Which statement would best complete a short definition of economics ''Economics is the study of .........''?
The efficient use of scarce productive resources.
What best explains how trade enhances effcincy?
Trade gets productive resources from one place to another where they're more needed.
Which of the followiong best explains how trade enhances efficiency?
Trade gets productive resources from one place to another where they're more needed.
What were Adam Smith's view on laissez faire economics?
He was the first economist to identify trade as the source of wealth rather than a stock of individual resources, such as gold or silver. He theorized that the best thing to do would be to restrict trade as little as possible, allowing the market to allocate resources and build wealth. He also coined the term "invisible hand" to refer to a free, competitive market's tendency to drive prices toward an equilibrium and efficiently allocate resources.
What is the best definition of economics and why should we choose it?
Economics is the study of how individuals, businesses, and governments make choices to allocate resources. It helps us understand how societies produce, distribute, and consume goods and services. We should choose to study economics because it provides valuable insights into how the world works and helps us make informed decisions about resource allocation and policy-making.
Is price mechanism the best way to allocate resources?
Price is the most efficient, fastest way to allocate resources, but it is not always the best. For example, rare resources such as medicines would be available only to the richest members of society and would likely be hoarded or driven to an underground economy.
Which statement would best complete a short definition of economics ''Economics is the study of .........''?
The efficient use of scarce productive resources.
What best explains how trade enhances effcincy?
Trade gets productive resources from one place to another where they're more needed.
What best defines capital human effort man made productive resources taken from nature energy for production?
human effort
Which of the followiong best explains how trade enhances efficiency?
Trade gets productive resources from one place to another where they're more needed.
What were Adam Smith's view on laissez faire economics?
He was the first economist to identify trade as the source of wealth rather than a stock of individual resources, such as gold or silver. He theorized that the best thing to do would be to restrict trade as little as possible, allowing the market to allocate resources and build wealth. He also coined the term "invisible hand" to refer to a free, competitive market's tendency to drive prices toward an equilibrium and efficiently allocate resources.
What is the best definition of economics and why should we choose it?
Economics is the study of how individuals, businesses, and governments make choices to allocate resources. It helps us understand how societies produce, distribute, and consume goods and services. We should choose to study economics because it provides valuable insights into how the world works and helps us make informed decisions about resource allocation and policy-making.
How does economics benefit your life?
Economics is the study of the most effective and efficient allocation of limited resources: how to make the best use of land, natural resources, income, labor, time-- everything that is not in unlimited supply and that we ought to plan to use to best advantage. You can allocate limited resources wisely, foolishly, or thoughtlessly, but however you decide to use those resources, your life, and the lives of others, can be enriched or diminished by the choices that you make.
What is optimum allocation?
Optimum allocation is when productive and allocative efficiency co-exist. Productive efficiency is achieved when when products are made with the least possible use of the resources, i.e, by incurring lowest possible costs in producing them Allocative efficiency is achieved when the combination of products produced provide consumers the greatest possible satisfaction, i.e, goods which are most wanted are produced. When both these elements are present, there is also economics efficiency. This means that resources are used in the best way possible, i.e, producing the goods which are most wanted with the least possible use of resources Tried using simple English. Hopefully it helps. Thx
What are some examples of linear programming questions that can be used to optimize resources in a given scenario?
Linear programming questions can be used to optimize resources in various scenarios, such as determining the best mix of products to maximize profit, finding the most efficient way to allocate resources like time or money, or optimizing production schedules to minimize costs.
What best describe Stalin's policy of collectivization?
"productive"
What word best describes Stalin's policy of collectivization?
"productive"
