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What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
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 it called when a country makes the products that it makes best?
This concept is known as "comparative advantage." It refers to the ability of a country to produce goods or services at a lower opportunity cost than its trading partners. By specializing in the production of these goods, countries can trade with one another, leading to increased efficiency and overall economic gains.
What is alternative cost in economics?
According to the authors of the textbook Economics U$A, Opportunity Cost or Alternative Cost is the value of what certain resources could have produced have they been used in the best alternative way. Since economic resources are scarce, only a limited amount of goods and services can be produced from them and there arise the necessity of choice.
What is economic optimization?
it is the best use of available scarce resources in such a way that the satifaction level is maximum..so we can say minimum usage of resources and maximum level of output.
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
Is Economic the social science concerned with the best use of scarce resources to achieve maiximum satisfaction of economic wants?
The best answer is "not exactly." The most popular definition of economics is the social science which studies the allocation of scarce resources to alternate and competing ends. Economics is more concerned with "optimality" (e.g. "best" use) rather than simply maximization of, for example, consumer satisfaction.
What is it called when a country makes the products that it makes best?
This concept is known as "comparative advantage." It refers to the ability of a country to produce goods or services at a lower opportunity cost than its trading partners. By specializing in the production of these goods, countries can trade with one another, leading to increased efficiency and overall economic gains.
What is alternative cost in economics?
According to the authors of the textbook Economics U$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.
Best explains what makes allocation decisions necessary?
There are never enough goods and services to satisfy wants and needs
What is the most important tool for analyzing the production distribution and consumption of goods and services?
The most important tool for analyzing the production, distribution, and consumption of goods and services is economic models. Economic models are theoretical frameworks that economists use to analyze real-world economic phenomena. These models help economists understand the relationships between different economic variables and predict the outcomes of various economic policies and decisions. By using economic models, economists can make informed decisions about how to allocate resources efficiently and effectively in an economy.
