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What is the word for the way a nation makes choices about how to use it resources?
The word for the way a nation makes choices about how to use its resources is "economic policy." This encompasses the strategies and decisions made by governments regarding taxation, spending, and resource allocation to influence a nation's economy. Economic policy aims to promote growth, stability, and the overall welfare of its citizens.
What basic economic choice must people and societies make?
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
What is the way people use resources to meet their wants and needs?
The way a nation determines how to use its resources to satisfy its people's needs and wants is called:
What is the definition of economics by roger leroy miller?
· The study of how the individuals and societies make choices about ways to use scarce resources.
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
According to Adam Smith what directs the choices business people make about how to use their resources?
According to Adam Smith what directs the choices business people make about how to use their resources by profit.
What basic economic choice must people and societies?
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
How did US government use the nation's economic resources during World War 2?
The US Government focused the nation's economic resources primarily on the war efforts.
What was meant by the concept of rational use of the nation's natural resources?
Forests should be preserved for public use.
What basic economic choice must people and societies make?
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
What was meant by the concept of rational use of the national use of the nation's natural resources?
Forests should be preserved for public use.
What is the way people use resources to meet their wants and needs?
The way a nation determines how to use its resources to satisfy its people's needs and wants is called:
What is the name of acomputer that makes use of network resources?
A client or a workstation.
Why was it important for nation to establish new colonies?
The nation needs to establish a colony so they may use their resources and build up militarily and economically.
What is the definition of economics by roger leroy miller?
· The study of how the individuals and societies make choices about ways to use scarce resources.
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
What is a problem in a free enterprise system?
Maker economy are free to undertake economic . free to make choices how to use resources to satisfy their needs.
