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What are economic resources Explain link between scarcity choice and oppurtunity cost?
Wiki User
∙ 13y ago
Economic resources are constraints on the decisions we make when we figure out how to meet our desires. Scarcity implies that we cannot have everything we want and so must trade-off some things we want less for things we desire more. Opportunity costs are the losses we experience in this trade-off. These losses occur because to get what we want, we have to give up something else in return.
Wiki User
∙ 13y ago
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Explain the economic problems between the city dweller and the farmers?
Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources. porn
Explain how scarcity requires indivisual and nations to mak decsions about resources?
Scarcity of resources requires nations and individuals to make informed decisions of how they will utilize the available resources.
Explain how scarcity requires individuals and nations to make decisions about resources?
bob
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.
The relative scarcity of resources makes the operation of any economy a matter of choosing between alternativesn and Explain?
k
Explain the economic problems between the city dweller and the farmers?
Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources. porn
Explain how scarcity requires indivisual and nations to mak decsions about resources?
Scarcity of resources requires nations and individuals to make informed decisions of how they will utilize the available resources.
Explain how scarcity requires individuals and nations to make decisions about resources?
bob
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.
The relative scarcity of resources makes the operation of any economy a matter of choosing between alternativesn and Explain?
k
Explain the term global competition?
"The definition of Economics is 'The Management of the Scarcity of Resources'." Competition for scarce resources - including Air, Water, Food and Shelter - is going to press Economics into a tither.
Explain how scarcity affects everyone?
Scarcity typically induces needs and wants for people.
Explain how scarcity choice and economic interaction fit into the basic idea of economics?
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What is the central problem in economics?
the central problem in economics relates to scarcity, choice and opportunity cost
Explain Economics is about making choices in the presence of scarcity?
scarity and choice are inseperable at all levels of decision- making: At the consumer 's level: 'scarcity ' means limited income and 'choice ' means allocation of income to the purchase of different goods and services that he maximises his satisfaction. At the producer 's level: 'scarcity ' means limited resources and 'choice ' means allocation of resources to the production of different goods and services in a manner that he maximises his profits. At the national level: 'scarcity ' means limited national income and 'choice ' means usage of resources in a manner that social welfare is maximised.
Q 1 Discuss in detail the term economic resources with reference to service industry Explain the link between scarcity choice and opportunity cost?
Scarcity: the inability of economic actors to satisfy their wants and need to make trade-offs to achieve their optimal outcome. Opportunity cost: the highest-valued alternative action forgone as the result of taking an action. Link: scarcity implies all wants cannot be met. To meet our wants, we make trade-offs. Trade-offs involve opportunity costs because we must sacrifice alternatives outcomes for the rational (optimal outcome). Therefore, opportunity costs are the price we pay to trade-off in the condition of scarcity.
What is an example to explain the concept of scarcity?
Mixed economy
