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unlimited resources would mean that scarcity does not exist. And if scarcity does not exist, then of course, there's no opportunity cost. we can buy anything we want with enough income.
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∙ 12y ago
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How does scarcity force us to make choices?
Scarcity forces us to make choices because every individual have unlimited wants to satisfy. And no one can have everything that they desire, as supplies and resources are limited.
Why do societies need to make choices about distributing resources?
why do societies need to make choices about distributing resources
How can studying economics help us make better choices about how to use scarce resources?
The study of economics is essentially the study of how to intelligently distribute limited resources in order to best satisfy unlimited wants.
What is the result of having limited resources in an economy?
People make economic choices about what to do with their resources.
Why do consumer producer and government have to make choice?
Because these economic actors exist in a condition of scarcity, which means that they must make trade-offs to achieve their desires. Making trade-offs implies economic choices exist.
How do you satisfy unlimited wants with limited resources?
How do you make choices from limited resources?
How does scarcity force us to make choices?
Scarcity forces us to make choices because every individual have unlimited wants to satisfy. And no one can have everything that they desire, as supplies and resources are limited.
Why do societies need to make choices about distributing resources?
why do societies need to make choices about distributing resources
How can studying economics help us make better choices about how to use scarce resources?
The study of economics is essentially the study of how to intelligently distribute limited resources in order to best satisfy unlimited wants.
How do you get unlimited resources in Minecraft PE without jailbreaking?
You would have to make a Creative Mode world...
Why do you make choices?
Because there is an unlimited amount of stuff to do, but only 24 hours in a day.
What is the result of having limited resources in an economy?
People make economic choices about what to do with their resources.
How can you make a turbocharger?
Easily if your a competent auto engineer with unlimited resources.
Why do consumer producer and government have to make choice?
Because these economic actors exist in a condition of scarcity, which means that they must make trade-offs to achieve their desires. Making trade-offs implies economic choices exist.
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.
