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What is the study of how people use their limited resources to satisfy their unlimited wants?
Wiki User
∙ 15y ago
Economics.
Wiki User
∙ 15y ago
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What is bank guarantee facility?
A bank guarantee facility is an agreement. It allows people to relieve any liquidity requirements that they have with limited and unlimited guarantees.
Why is there such a wide variety of desired goods and services?
people have unlimited needs and wants, economics change over time, products are improved to satisfy consumers needs and wants because of the diversity of goods wanted this is why such a wide variety of goods is in the market.
Explain the concept of scarcity in relation to oppotunity cost?
Scarcity is the concept of finite resources in a world of infinite needs and wants. Economics assumes people are greedy and always haveneeds and wants. However, there is only a certain amount of most goods.Therefore, people are forced to choose among their needs and wants,because Mother Nature does not satisfy our needs and wants infinitely.Scarcity encompasses these choices.
What resources are out there to help get people out of debt?
There are several resources to help get people out of debt. Some of these include: talking to a credit counsellor, creating a consumer proposal with one's creditor, and filing for a personal bankruptcy.
What is a business owned by two or more person?
A business owned by two of more people is called a partnership. There are general, limited, and limited liability types of partnerships.
Is it true scarcity exists because there are limited resources to meet unlimited wants and needs?
Scarcity is the result of limited resources being available to satisfy the wants and needs of citizens. It is important for people to buy and store resources in bulk to prevent scarcity.
which statement best describes the economic concept of scarcity?
People have unlimited wants and limited resources to fulfill them.
What is the imbalance between unlimited wants and limited resources available to satisfy those wants called?
the problem of scarcity - resources are scarce, wants are unlimited, therefore people are faced with opportunity costs (forgoing wants because they can only achieve some of their wants)
What is the study of how people manage their limited resources to satisfy their wants and needs?
economics
Why do economists need to find the answer to all three of the basic questions?
There are not enough resources to satisfy people's seemingly unlimited wants.
What does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
Is Georgia limited or and unlimited government?
limited. The people of Greece invented democracy
What is unlimited want?
Meaning: To want something that has no limit to it. Example: Moneyis unlimited, and many people may want more of it for varius reasons.
What is an economics?
Economics is mainly the study of how people and society chose utilize their scarce resources to satisfy their unlimited needs and wants.When there is limited resources you will have a choice in which what needs and wants will you fully utilise them in and this this where the concept of opportunity cost (Next best Alternative) comes where you will have to chose which option is the best in you can use you resources in.E.g. you have $5. 1st option movies cost $52nd option Lunch cost $5Since you only have $5 which option would be the best inorder to satisfy your unlimited need and want?do you really need to watch the movie? nobut do you need to eat? yesSo your best alternative to use that limited resource is buying your lunch.Eliki Waqavakatoga
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
What made a scarcity?
A scarcity is created when people have unlimited wants, or needs, but their resources are limited. When scarcity happens, many economic decisions must be made to efficiently allocate resources.
How do people use the resources of the environment?
People use the resources of the environment to satisfy their needs
