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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 Richard leftwich?
Richard Leftwich defines economics as the study of how societies allocate scarce resources among competing uses. He emphasizes the decision-making processes involved in producing, distributing, and consuming goods and services. Leftwich's perspective highlights the importance of understanding the trade-offs and choices that individuals and societies must make in the face of limited resources.
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 societies faced with the three basic question of what how and for whom?
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.
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 exists when people cannot get everything they would like?
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.
What is the result of having limited resources in an economy?
People make economic choices about what to do with their resources.
Why are societies faced with the three basic question of what how and for whom?
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.
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.
What is the term for having a limited quantity of resources to meet unlimited What is?
The term for having a limited quantity of resources to meet unlimited wants is "scarcity." Scarcity is a fundamental economic problem that arises because resources are finite while human desires are virtually limitless. This concept drives the need for individuals and societies to make choices about how to allocate resources effectively.
