An efficient outcome in economics is one in which the economy is conserving the largest possible amount of resources, while still meeting the needs of society. True False Explain why
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- Because of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the available supply of time, goods, andresources is greater than human wants.c. every desire is fulfilled.d. there are no limits on the economy’s ability tosatisfy unlimited wants.Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.Why is the economic concept of scarcity a crucial onefor businesspeople to understand?
- Most economists believe the scarcity of resources will persist. Why?Suppose one person had all the resources in an economy. This is a Pareto efficient outcome. True FalseScarcity requires people to make choices. O requires people to reduce their wants. means that wants and needs are scarce. does not exist in the 21st century because resources are sufficient to meet peoples' wants and needs.
- Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarceTrue 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.Because of scarcity,a.it is impossible to satisfy every desire and choices must be made.bthe available supply of time,goods and resources is greater than human wants.c. every desire is fulfilled.d.ther are no limits on the economy's ability to satisfy unlimited wants.
- Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly damages water quality. a) Explain in your own words how you would draw a production possibility curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape. b) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? c) Discuss three possible impacts of an improved fertilizer on the production possibility frontier from part a.Because of scarcity: Select one: a. all choices about wants and using resources must be made by the government. b. choices can be made about which wants to satisfy, but not about which resources to use. c. individuals and societies must prioritize which wants and needs are most important to satisfy. d. individuals and societies are allowed no choice about which wants and needs to satisfy.Question Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
