Q: Which of the following accurately describes the fundamental problem at the core of all economic…
A: Economics is a branch of social science that deals with the efficient allocation of finite resources…
Q: What is artificial scarcity ?
A: Scarcity: It is defined as shortage of goods or resources. Scarcity is a naturally occurred…
Q: discuss how the production possibility frontier model can be used to illustrate the basic economic…
A: Both businesses and macroeconomic factors make use of the principle of the production possibilities…
Q: Discuss the impact of each of the following on the production possibilities frontier and illustrate…
A: a) Unemployment refers to when all the available resources in the economy are not utilized…
Q: Using the concept of production possibility curve, explain how it can be used to show the…
A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…
Q: What is scarcity in economics? Please provide an example.
A: Generally scarcity indicates that situation of lower availability of things than the required…
Q: “All problems in economics are about scarcity, that is, about how to use given resources for…
A: Introduction '' all problem in economics are about scarcity, that is, about how to use given…
Q: Explain the economic concept of scarcity.
A: Scarcity is considered as a basic economic problem, it refers the shortage of resources to meet the…
Q: Why might an economist look at hundreds of cars moving along an assembly line and say, “There is an…
A: Economics is the study of allocating scarce resources among alternative uses to satisfy unlimited…
Q: Which of the limitations listed below best explain why scarcity occurs? Select the correct answer…
A: The inequitable distribution of resources is one of the fundamental causes of scarcity. There are…
Q: Which of the following illustrates the concept of scarcity?
A: It is a fact that resources are scarce and the human wants are unlimited.
Q: explain na link between scarcity and opportunity cost
A: Scarcity refers to the limited availability of scarce resources than the required level. Opportunity…
Q: The individual production points on each person's production possibilities frontier represent their…
A: Production possibility curve is used to represent the maximum amount of output that an individual…
Q: how does scarcity affect enconomic decisions?
A: Scarcity implies that the demand for a good or service is more prominent than the accessibility of…
Q: Economics is the study of scarcity choice and optimal utilization of resources. Explain?
A: The economy has unlimited desires but the resources to satisfy this unlimited desires are limited.…
Q: What are various forms of the Production Possibilities Frontier and what do they illustrate relative…
A: Answer: Introduction: Production possibility frontier (PPF): It is a graph that shows the possible…
Q: Explain the link between scarcity and opportunity cost Explain the link between scarcity and…
A: Scarcity is a relative term. It means the limited (not enough) availability of resources compared to…
Q: How does the production possibility frontier demonstrates the basic economic problem of scarcity.
A: The economic problem of scarcity stems from the fact that our needs and wants are unlimited,…
Q: What is the impact of technology and innovation on scarcity?
A: Economics is the study of distribution, allocation and production of resources. It deals with the…
Q: In Victoria. In Queenslan 4.12.1 Which form of scarcity is depicted in Victoria in the picture…
A: 12.1 - Victoria is facing water scarcity which reached stage 4. Under Stage 4, there are many…
Q: Explain the following in not more than half a page Opportunity cost. Production possibility…
A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…
Q: Suppose a bakery has 14 employees to be designated as bread bakers (B) and cake bakers (C), so…
A: Production possibilities function is the locus of points of values of goods x and y that is the…
Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…
A: A production possibility frontier represents the locus of all maximum combinations of two goods or…
Q: Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete…
A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…
Q: How does competition arise out of scarcity?
A: The problem of scarcity is inherent in every economy because resources are limited in every economy…
Q: Name two types of scarcity
A: The two types of scarcity are- Relative scarcity Absolute scarcity
Q: Explain how scarcity affects the factors of production.
A: scarcity is the point at which an asset is totally gone or is coming up short. at the point when…
Q: The table below represents the combinations of beef and corn produced on a tract of land of a given…
A:
Q: Draw a production possibilities model with four points labeled ABCD one inside two on the outside…
A: Production possibilities model with four points labeled ABCD one inside two on the outside the…
Q: s how the production possibility frontier demonstrates the basic economic problem of scarcity
A: The PPF (production possibility frontier) is a locus that represents various bundles of commodities…
Q: This refers to the cost of a foregone benefit. a. scarcity b. opportunity cost c. microeconomics d.…
A: Economics is a branch of social science that deals with the production, distribution, and…
Q: Is opportunity cost inevitable in the concept of production possibilities frontier? Justify your…
A: Production possibility frontier shows the different combination levels of two commodities which can…
Q: Carefully define the following terms and explain their importance to the study of economics. A.…
A: When you want to decide between two alternatives, you must look at loss and gains from each…
Q: The following diagram is the feasible set of a student, showing the combinations of her final grade…
A: A curve that depicts the varying amounts of two products that could in turn be produced when both of…
Q: Using an appropriate diagram, explain how the production possibility frontier becomes a model of…
A: Production Possibility Curve (PPC) or Production Possibility Frontier may be defined as a curve…
Q: Why is it inefficient for an economy to be inside the production possibilities frontier?
A: The production possibility frontier shows the relationship between what an economy can produce…
Q: Use the concept of the production possibility frontier to explain the basic economic principles of…
A: When faced with the option of creating two commodities or services, the (PPC) is a model that…
Q: following
A: Scarcity refers to the basic problem being economic in nature which is basically limitless wants and…
Q: to the fig
A: A production possibility frontier (PPF) shows the maximum possible combinations of output of two…
Q: What is Economic System? And what system is the best system your community will use and implement to…
A: The economics as a study is based upon the idea that the resources which are present with the…
Step by step
Solved in 2 steps
- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Assume an economy producing only two goods (shoes and computers) with a fixed amount ofproductive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions:i. Draw the economy’s production possibility frontier on hindsight of the relevantassumption.ii. Why are points outside the frontier unattainable? iii. Identify three ways by which the economy can attain the level of production outside thePPF. iv. What happens to the PPF when technological change overwhelmingly favours theproduction of computers? v. What happens to the PPF when the economy discovers an improved technology forproducing shoes? vi. Assume now that the sacrifice ratio is greater than 1, show what will happen to the…Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
- Cape Town and Durban were first developed in the 17th and 18th centuries as trading posts on theshipping route between Western Europe and Asia. During the 19th century, this role changed withthe discovery of diamonds and gold in the interior. The port cities developed from being stop-overand service points providing shipping services, to being ports through which commodities weretraded.”The change in the that occurred in the Durban and Cape Town ports during the 19th century is best explained by…a) A movement along the production possibilities frontier.b) A movement towards the production possibilities frontierc) An outward movement of the production possibilities frontierd) An inward movement of the production possibilities frontier1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activities
- Assume an economy produces only two goods ( shoes and computers ) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum. Production in this economy is subjected to the laws of diminishing marginal returns and resources are assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers and vice versa is 1. On the basis of the forgoing assumptions , drawthe economy's production possibility frontier on hindsight of the relevant assumption and why the points outside the frontier unattainable?.4) The fact that wants cannot be fully satisfied with available resources reflects the definition of A) the what tradeoff. B) scarcity. C) the big tradeoff. D) for whom to produce. 5) Suppose the Gallo sisters, Ernestine and Julia, were not on speaking terms with one another. They each raised grapes and peanuts. Ernestine could increase her output of grapes by one bushel if she reduced her output of peanuts by two bushels and Julia could increase her output of grapes by one bushel if she reduced her output of peanuts by four bushels. According to this information, Ernestine has: A) a comparative advantage in the production of grapes. B) a comparative advantage in the production of both goods. C) a comparative advantage in the production of peanuts. D) an absolute advantage in the production of peanuts 6) Factors of production are grouped into four categories: A) land, labor, capital, entrepreneurship B) land, labor, capital, money C) land, capital, money, entrepreneurship D) labor,…While producing on the production possibilities frontier. if additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be Select one: O a. boswed outward. O b.a straight line. O c bowed inward. O d. positively sloped.
