why do societies need to make choices about distributing resources
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
· The study of how the individuals and societies make choices about ways to use scarce resources.
People make economic choices about what to do with their resources.
Societies face the three basic economic questions of what to produce, how to produce, and for whom to produce due to the scarcity of resources. With limited resources and unlimited wants, societies must make choices about the allocation of those resources. These questions help determine the priorities and methods for production, ensuring that the needs and desires of the population are met as effectively as possible. Ultimately, they guide economic decision-making and influence social structures and policies.
Individuals need to own resources in order to make free choices.
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
Societies make choices about how to use their resources. Businesses make choices about what to produce and when to produce it.
· The study of how the individuals and societies make choices about ways to use scarce resources.
The study of how the individuals and societies make choices about ways to use scarce resources.
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.
People make economic choices about what to do with their resources.
Scarcity exists when people cannot obtain all the goods and services they desire due to limited resources. This concept is fundamental in economics, as it leads individuals and societies to make choices about how to allocate their resources efficiently.
a skarcity of resources
According to Adam Smith what directs the choices business people make about how to use their resources by profit.
Societies face the three basic economic questions of what to produce, how to produce, and for whom to produce due to the scarcity of resources. With limited resources and unlimited wants, societies must make choices about the allocation of those resources. These questions help determine the priorities and methods for production, ensuring that the needs and desires of the population are met as effectively as possible. Ultimately, they guide economic decision-making and influence social structures and policies.
Limited resources make choices necessary.
How do you make choices from limited resources?