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What is the primary concern of economics?
How society chooses to use its limited resources
Is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individual?
Economics is the broad term for the study of how a society chooses to employ its resources to create goods and services and sitribute them for consumption among the various groups and individuals in a society. There are names for the sub branches of economics, and for the various theories, such as "supply side economics," for creating and consuming goods.
Why scarcity forces individuals and society to incur opportunity costs?
Because in an economy, everything is "scarce" (there is a finite amount of that good available), individuals and society can only use these scarce resources to produce a fixed amount of good. Therefore, they have to choose how to use their resources, creating the concept of opportunity costs. Example: You have 100 pieces of wood in the planet You can either create 50 bookshelves or 30 tables. If you choose to produce bookshelves, the opportunity cost is 30 tables (since you don't have any more pieces of wood to produce the tables) and if you choose to produce the tables, the opportunity cost will be 50 bookshelves (for the same reason)
What is Society's shortage of resources called?
natural resources
Why does scarcity forces individuals and society to incur opportunity costs?
Because in an economy, everything is "scarce" (there is a finite amount of that good available), individuals and society can only use these scarce resources to produce a fixed amount of good. Therefore, they have to choose how to use their resources, creating the concept of opportunity costs.Example:You have 100 pieces of wood in the planetYou can either create 50 bookshelves or 30 tables.If you choose to produce bookshelves, the opportunity cost is 30 tables (since you don't have any more pieces of wood to produce the tables) and if you choose to produce the tables, the opportunity cost will be 50 bookshelves (for the same reason)Read more: http://wiki.answers.com/Why_scarcity_forces_individuals_and_society_to_incur_opportunity_costs#ixzz1SVLrG1QA
What is the primary concern of economics?
How society chooses to use its limited resources
Is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individual?
Economics is the broad term for the study of how a society chooses to employ its resources to create goods and services and sitribute them for consumption among the various groups and individuals in a society. There are names for the sub branches of economics, and for the various theories, such as "supply side economics," for creating and consuming goods.
What is the purpose for the International Bible Society?
The purpose of the International Bible Society is to translate, publish and distribute copies of the Christian Bible. They send these copies and other resources to ministries, retail centers and distribution centers.
Which is the process by which a society chooses its leaders?
politics
The traditional comic hero chooses to live?
The traditional comic hero chooses to live in society.
What contributed to the first real progress in the women's movement?
the opportunity for middle-class women to think about society
Indentify how different systems under distributive justice would allocate the resources in society.?
Equality: Resources would be distributed equally among all members of society, regardless of individual characteristics or contributions. Equity: Resources would be distributed based on individual needs or circumstances, ensuring that everyone has a fair opportunity to access essential resources. Meritocracy: Resources would be allocated based on individual effort, contribution, or achievement, rewarding those who have worked hardest or made the greatest contributions to society.
What is the purpose of a society's tradition?
what is the purpose of a society oral tradition
What was the purpose of the ayllu the incan society was to?
The purpose of the ayllu in Incan society was to serve as a fundamental social and economic unit where families worked together on collective tasks, shared resources, and supported each other. It helped to foster a sense of community, cooperation, and reciprocity among its members, contributing to the overall stability and cohesion of the society.
Why scarcity forces individuals and society to incur opportunity costs?
Because in an economy, everything is "scarce" (there is a finite amount of that good available), individuals and society can only use these scarce resources to produce a fixed amount of good. Therefore, they have to choose how to use their resources, creating the concept of opportunity costs. Example: You have 100 pieces of wood in the planet You can either create 50 bookshelves or 30 tables. If you choose to produce bookshelves, the opportunity cost is 30 tables (since you don't have any more pieces of wood to produce the tables) and if you choose to produce the tables, the opportunity cost will be 50 bookshelves (for the same reason)
What is Society's shortage of resources called?
natural resources
What opportunity was lost to us as a society during Suburbanization following World War 2?
the opportunity lost to us was the opportunity to stop redlining and blockbusting
