7) Scarcily relers lo A) the ability of society to employ all of its resources. B) the ability of society to consume all that it produces. C) the inability of society to satisfy all human wants because of limited resources. D) the inability of society to eliminate poverty.
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- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costMatch each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.True or false? Part A.Millionaires do not face the problem of scarcity. Part B.The factors of production include all goods and services produced in an economy. Part C.The United States is one of the least “marketized” economies in the world.
- Generally, the study of economics has to do with Question 24 options: How resources are not scarce. How people make decisions in the face of scarcity. How to ignore opportunity costs. How the stock market operates during a recession.10. Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. none of the choices are correct d. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resourcesBecause of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources d. none of the choices are correct
- a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources.(b) Limited wants and limited resources.(c) Unlimited wants and unlimited resources.(d) Unlimited wants and limited resources.Q.1.2 Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa.(b) The price of maize in South Africa.(c) The unemployment rate in Zimbabwe.(d) The South African inflation rate.Q.1.3 What are the three major economic flows? (a) Income, spending and saving.(b) Spending, production and saving.(c) Income, saving and investment.(d) Income, spending and production.
- Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. plethora realization scarcity profusion1) Scarcity implies that A) people should limit their wants. B) firms must become more efficient when producing goods. C) people must make choices. D) non-renewable resources should never be used. 2) Scarcity exists because human wants ________ 3) The most basic concept in economics is A) wealth. B) income. C) scarcity. D) spending. 4) Scarcity means A) not being able to satisfy all of everyone's needs. B) not being able to satisfy all of everyone's wants. C) having too little of a product to serve all customers who wish to buy it. D) the same thing as shortage. 5) Which of the following statements about scarcity is TRUE? A) Scarcity is no longer a problem for industrialized countries. B) Scarcity is a problem only in countries that do not use markets to organize economic activity. C) Scarcity exists in all societies. D) Scarcity is a problem only in countries that use markets to organize economic activity. 6)…what are the opportunity cost in the following questions: a. buying a high-priced flat screen TV vs. a moderately- priced one. b. deciding whether to buy a gift online or go to an actual store to buy it. c. A firm trying to decide whether to allocate part of its budget to prototyping and testing and new product X. d. firm considering investing in checkout automation technology.