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What three ways do limited resources affect a society production of good and services?
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∙ 8y ago
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Neoma Donnelly
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What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
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 is the primary concern of economics?
How society chooses to use its limited resources
This is when resources are limited and the need for a good or service is higher for a society than what is produced?
Scarcity
What is economic resources?
Economic resources are the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole.)
What are the basic questions every society must answer?
What goods and services are to be produced with the limited resources of a society.? How can the limited resources be used to benefit the society? Who are to be benefited from the existing resources:? How can the economy change to the fluctuating environment? How can health and sustainability be addressed?
What are the 5 basic questions every society must answer?
What goods and services are to be produced with the limited resources of a society.? How can the limited resources be used to benefit the society? Who are to be benefited from the existing resources:? How can the economy change to the fluctuating environment? How can health and sustainability be addressed?
How production possibility frontier provide an insight into the issue of scarcity and choice which an economy faces when deciding what goods and services to produce?
Since resources are limited,the society cannot get all the goods and services the people want.And hence some mechanisms are used to guide the use of resources in the production of goods and services to satisfy as many as people wants as possible. When the society do not know what to produce,the Production Possibility Frontier [PPF] is used to represent a boundary between those combination of goods and services which can be produced and those which cannot be produced.
What is a curved production?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
Provide an example that represents limited resources?
Factors of production are also termed resources or scarce resources. This factor must be produced using other factors of production, which means that society is often, Farmland provides an example of the blur between land and capital.
What is economically efficient?
Economic efficiency refers to a situation where a given society uses limited resources in an efficient manner in the process of satisfying their unlimited wants.i.e engaging in a process of utilizing limited resources in producing the most desired and preferred goods and services of a society at the optimum level.There are two main factors which contribute towards the achievement of economic efficiency.Productive efficiency - ( using limited resources in a manner which provides the maximum or optimum contribution towards the total producion of an economy. )Allocative efficiency- ( llocating limited resources of a society towards the producion of the most desired combination of goods and services. )
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 is the primary concern of economics?
How society chooses to use its limited resources
What is production possibility curves?
A Production Possibility Curve is the curve which shows various combinations of two goods that can be produced with available techniques and with given amount of resources, which are fully and efficiently employed. It depicts a society's menu of choices of these two goods. It tells us that if the economy wants to produce more of one commodity, it will have to transfer or divert resources from the production of another commodity to the production of this commodity. That is why the production 'possibility curve' is also called 'transformation curve'.
How can society ensure necessary production of social goods and services?
Society ensures the production of goods and services because people always have demands for something. Therefore, society provides demand for the supply (goods and services). Society's demands will never end because people always want food, education, water, shelter, and pleasures. It's simply in our nature and the production of the goods and services satiate this nature of ours.
What is material production and what is its role in the life of society?
"What is material production and what is its role in the life of society?" material production is the use of human labour, skills,and productive forces to change the natural resources into commodity material production is the use of human labour, skills,and productive forces to change the natural resources into commodity
