Q: Contrast how a market system and a command economy try to cope with economic scarcity.
A: In market system there is private holding of assets & coordinates the activity of economy…
Q: Discuss resource market.
A: A resource market is a market where a business can proceed to buy resources to deliver labor and…
Q: A point inside a production possibilities frontier?
A: Production Possibility Frontier: It refers to the graphical representation of various possible…
Q: Doctrow uses the following terms to describe; Someone who puts capital into production and…
A: Production: It is a cycle of consolidating different material information sources and unimportant…
Q: conditions for production and consumption efficiency.
A: Economic efficiency refers to a condition of affairs in which all resources are distributed properly…
Q: Relate why economic profits occur and how profits, along with losses, allocate resources among…
A: Economic profits equal to total revenue minus implicit and explicit cost both. Economic profits…
Q: a good example of a resource would be? a. stocks b. Human capital c. bonds d. intital public…
A: Resource refers to the service or the various assets owned by the business which are used for the…
Q: Define the term Benefit-Cost Ratio?
A: The process of analyzing the total benefits and total costs associated with the implementation of a…
Q: List and discuss in detail (thoroughly and carefully), two examples of the scarcity that you have…
A: When there is the presence of resources being fewer than actually being required for the fulfillment…
Q: library's collection of e-books is a ?
A: Public good id a good which is non excludable and non rivalry Non excludable means that a person…
Q: where
A: Resource implies to all the materials accessible in our environment which are technologically…
Q: What two groups control the availability of resources in "Mixed Systems"?
A: A system that has elements of both capitalism and socialism is called a mixed economy system . A…
Q: How do design, creativity, and innovation connect in our current environment?
A: Economic activities are incrasing in all over countries eithe developing or developed economy.…
Q: The graph which indicates the various production possibilities of two products when resources are…
A: Production possibility frontier or PPF shows the various combination of two goods that can be…
Q: Give some examples of benefit-cost analyses?
A: Benefit-cost analysis is a process used by the business to analyse the decisions and to choose the…
Q: How does wants and needs connect to Scarcity
A: Scarcity refers to the limited resources. This is the basic problem of an economy. All the economies…
Q: While Marcus and his friends were watching a movie last Saturday, Marcus received a phone call from…
A: The opportunity cost is the cost of choosing one option over another.
Q: Why are all resources considered scarce?
A: Resources can be defined as the asset/service which meets human wants and needs. It is also referred…
Q: Is there a change in the resources available to society? explain why.
A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…
Q: Describe the Incremental Benefit-Cost Ratios?
A: Incremental Benefit-Cost Analysis is an analysis to determine whether the investor to go ahead with…
Q: Ql: Shortly define the following terms with examples. 1. Tradeoffs 2. Economic Efficiency 3. Mixed…
A: Economics is a discipline that involves all the possible terminologies that cater to the economic…
Q: How are resources allocated in free market enterprise
A: Free market enterprise:- The free market, also known as free enterprise, is a market system in…
Q: Which structure demonstrates a culture of consumption? O a mall O a Native American adobe home O a…
A: Answer- Need to find- Which structure demonstrates a culture of consumption Evaluating the…
Q: graphically explain the economy-environment interaction?
A: Economy: The economy deals with the careful use of money, allocation of resources, and means of…
Q: Opportunity costs arise due toa. resource scarcity.b. lack of alternatives.c. limited wants.d.…
A: Investors frequently ignore the opportunity cost. It refers to the hidden cost of not adopting a…
Q: a paragraph in the initial response in their own words, using microeconomic terminology.
A: Microeconomics is a branch of economics that studies the behaviour of individual economic units such…
Q: Define Production opportunities
A: It is the ability of an individual or a firm to convert its cost into an opportunity. During the…
Q: what are the five common main objectives of firms?
A: The firms are commercial enterprises which buy and sell products and/or services to consumers in…
Q: Describe the Benefit-Cost Ratio Calculation?
A: A benefit-cost ratio (BCR) or B/C ratio is a ratio used to sum up the overall relationship between…
Q: List the categories of scarce resources and delineate the nature of society’s economizing problem.
A: Land, labor, capital, entrepreneurial ability- are a list of scarce resources
Q: Why is private property, and the protection of property rights, so critical to the success of the…
A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…
Q: What are the goals of economic engineering?
A: Engineering economics is a part of economics that deals with the use and application of economics…
Q: How does the scarcity of resources effect the decisions people make in their everyday lives?
A: Scarcity is the basic foundation for economic decision making process. It would simply means that…
Q: how do we make the best use of the available resources
A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…
Q: What are the wants and constraints of those involved?
A: Wants is something that is desired and it is unlimited. Wants can be satisfied by consuming goods…
Q: What is Economic community?
A: Economic community: When countries around the world are regional ones or in a certain cluster form…
Q: What are the three problem goals of Benefit-cost analysis?
A: The Benefit-cost analysis plays a crucial in determining whether a project is to be implemented or…
Q: Describe the Benefit-Cost Analysis?
A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…
Q: What are the key features of a social enterprise?
A: ‘Enterprise’ refers to a project or undertaking, which is difficult, complicated or risky. It is a…
Q: Why do property rights and the level at which choices about using resources occur matter to an…
A: The property rights and the level at which the choices about using the resources affect the society…
Q: Scarcity is a universal problem. Discuss any TWO (2) limited resources that you faced as a student.
A: One of the central problems of economics is the problem of scarcity which is present in every…
Define common resources?
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- How can scarcity of resources be a problem to societyWhat is community? Describe the components or characteristics of a community?A mattress company can create mattresses to sell in retail stores/online or utilize the same material to create protective masks during the pandemic. With respect to scarcity and opportunity cost, how might a company decide which product to make and what are some methods that it may use to help its decision?