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Is Economic the social science concerned with the best use of scarce resources to achieve maiximum satisfaction of economic wants?
The best answer is "not exactly." The most popular definition of economics is the social science which studies the allocation of scarce resources to alternate and competing ends. Economics is more concerned with "optimality" (e.g. "best" use) rather than simply maximization of, for example, consumer satisfaction.
What is alternative cost in economics?
According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
What is economic optimization?
it is the best use of available scarce resources in such a way that the satifaction level is maximum..so we can say minimum usage of resources and maximum level of output.
What is the Most important tool for the analyzing the production distribution and consumption of goods and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
What is the most important tool for analyzing the production distribution and consumption of goods and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
Is Economic the social science concerned with the best use of scarce resources to achieve maiximum satisfaction of economic wants?
The best answer is "not exactly." The most popular definition of economics is the social science which studies the allocation of scarce resources to alternate and competing ends. Economics is more concerned with "optimality" (e.g. "best" use) rather than simply maximization of, for example, consumer satisfaction.
What is alternative cost in economics?
According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
What is economic optimization?
it is the best use of available scarce resources in such a way that the satifaction level is maximum..so we can say minimum usage of resources and maximum level of output.
What is the most important tool for analyzing the production and distribution and consumption of goods and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
What is the Most important tool for the analyzing the production distribution and consumption of goods and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
Which best describes economic specialization in ancient Greece and rome?
It relied on agriculture or It depended heavily on importing goods
Which of these best describes the economic interaction between early colonists and Native Americans?
They often traded goods and services with one another.
What is the most most important tool for analyzing the production distribution and consumption of goods and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
What is the tool for analyzing the production distribution and consumption of the good and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
Best explains what makes allocation decisions necessary?
There are never enough goods and services to satisfy wants and needs
Which statement best describes the national economy during the gilded age?
The price of economic goods fell during the time period from 1865 to 1896
What is the most important tool for analyzing the production distribution and consumption of goods and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
