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Why do societies need to make choices about distributing resources?
Wiki User
∙ 15y ago
why do societies need to make choices about distributing resources
Wiki User
∙ 15y ago
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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 definition of economics by roger leroy miller?
· The study of how the individuals and societies make choices about ways to use scarce resources.
What is the result of having limited resources in an economy?
People make economic choices about what to do with their resources.
Why are rules protecting private property some of the most important rules in a free market system?
Individuals need to own resources in order to make free choices.
What is the primary objective of economics?
to study hw people make choices with limited resources
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.
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 definition of economics by roger leroy miller?
· The study of how the individuals and societies make choices about ways to use scarce resources.
What is the definition of economics according to roger le roy miller?
The study of how the individuals and societies make choices about ways to use scarce resources.
What social science is described as people government and societies choose how to use scarce resources I produce items for consumption?
Economics is the social science that studies how individuals, governments, and societies make choices on how to allocate resources to produce goods and services for consumption. It deals with the production, distribution, and consumption of goods and services within a society.
What is the result of having limited resources in an economy?
People make economic choices about what to do with their resources.
What forces nations to make choices about what to produce?
a skarcity of resources
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.
Why do you think that economics is often said be the science that studies choices?
Limited resources make choices necessary.
How do you satisfy unlimited wants with limited resources?
How do you make choices from limited resources?
Define limited resources?
Limited resources refer to the finite availability of essential goods, services, or factors of production such as land, labor, and capital. These resources are insufficient to meet all wants and needs, requiring individuals, organizations, and societies to make choices about how to allocate them efficiently.
Economics is sometimes called the science of what?
Economics is sometimes called the science of scarcity because it studies how societies allocate limited resources to fulfill unlimited wants and needs. This involves analyzing production, consumption, and distribution of goods and services to understand how individuals and societies make choices to address scarcity.
