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Economics decisions involve doing what with resources to produce goods and services for people to consume?

Allocating


What do economic decision involves with resources to produce goods and services for people to consume?

Allocating


Which social science is The study of the conservation of scarce resources while producing goods for people to consume?

economic


What is the economic rule that explains why you stop purchasing goods and services after you have consumed some?

The economic rule states that we will consume only while marginal benefit exceeds marginal cost.


What statement describes economic activity in a recession?

Consumer Spending Declines


What is the economic rule that explains why you stop purchasing goods and services after you haved consumed some?

The economic rule states that we will consume only while marginal benefit exceeds marginal cost.


Explain what is meant by the basic economic problem?

Economic problem is the problem regarding allocation of limited resources for the production of alternative goods and services. in other words, economic problem is the 'problem of choice'. Since the resources are scarce and they have alternative uses, there arises the problem of choice regarding the use of these resources. The law of scarcity states that goods are scare because there are not enough resources to produce all goods that people want to consume. Thus, Economic Problem is the 'problem of relative scarcity' and the 'problem of choice' arising therefrom.The basic economic problems of an economy are given below:What to produce and how much to produce?How to produce?For whom to produce?Problem of fuller utilisation of resources.Problem of efficiency in utilisation of resources.Problem of economic growth.


Does economic growth solves the problem of scarcity?

Yea of course....its due to economic growth goods and services are produced at large and hence fight the problem of scarcity as everyone will be able to consume goods


Describe the main tasks faced by an economic system.How these tasks can be solved?

Some of the main tasks faced by an economic system are: What goods to produce? What combination of inputs to use? How to use resources? Present time versus future Who will consume? How to maintain economic growth?


What are three basic economic questions to consider?

The three basic economic questions to consider are: What to produce? This involves determining which goods and services to create based on resources and consumer demand. How to produce? This question focuses on the methods and processes to use in production, including technology and labor choices. Finally, who gets to consume the products? This addresses the distribution of goods and services among individuals and groups in society, influenced by factors like income, wealth, and social policies.


The circular flow of economic activity is characterized by?

How people produce (make money) and consume (spend money).


Why do different countries consume different amounts of renewable and nonrenewable resources?

They consume different amounts of renewable and nonrenewable resources because there countries are different and because they don't have the same renewable and nonrenewable resources