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What else can I help you with?
Define what is meant by scarcity when referring to the economic problem?
Scarcity is our limited resources but unlimited wants.The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Define the term physical resources?
physical resources are those gifts of nature such as land, water,minerals,forest,animals, sunlight,and wind
What is limited resources also called?
Limited resources are often referred to as "scarce resources." This term emphasizes the idea that these resources are not abundant and are insufficient to meet all demands or desires. Scarcity leads to the need for choices and trade-offs in economics, as individuals and societies must prioritize how to allocate these limited resources effectively.
What term is used to describe the difference between limited resources and wants and needs?
scarcity
How would you define the term electromegnetism?
define the term "electromegnetism".
Explain how the long-term survival of a species depends on resources that may be limited from time to time?
The long-term survival of a species depends on having access to essential resources like food, water, and shelter. If these resources become limited from time to time due to factors like environmental changes or human activities, it can lead to competition among individuals within the species. This competition for limited resources can affect reproductive success, population growth, and overall resilience of the species, potentially jeopardizing its long-term survival.
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
Which term is used to describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Which term is used to describe a situation where most consumers are forced to make a decision based on limited resources?
scarcity
Define limited resources?
Limited resources refer to the finite availability of essential goods, services, or factors of production such as land, labor, and capital. These resources are insufficient to meet all wants and needs, requiring individuals, organizations, and societies to make choices about how to allocate them efficiently.
Which term is used too describe a situation where most consumers are forced to make decisions based on limited resources?
scarcity
Profit maximization of out with limited resources?
When profit maximization is performed with limited resources, ration formulation is used. If an organization is without limited resources, no rationing is needed.
