“If resources were unlimited and were freely available, there would be no subject called “Economics”. What is the meaning of this statement

Q: What is production possibilities curve

A: In economics, scarcity refers to the shortage of resources which give rise to choices. There are…

Q: ich of the following is related to the use of economics? a. how people use unlimited resources to…

A: The answer is - c. How people use scarce resources to satisfy unlimited wants.

Q: Identify the scarcity definition of economics from the following. a. the distribution of surplus…

A: Economics focuses on how the economies work, basically, the consumption, production and distribution…

Q: Justin's farm can produce 5 pounds of apples or 17 pounds of pears in one hour. Samantha's farm can…

A: Opportunity costs basically refers to the the potential advantages that a person, investment, or…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: The nation has a total of 12 units of labor. One unit of the gun is produced by 6 units of labor,…

Q: Every point on the production possibilities curve represents? a. a greater increase in supply b. an…

A: The Production Possibilities Curve is a model used to show the tradeoffs related with designating…

Q: Which of the following statements about the production possibilities curve is the most accurate? O…

A: The production possibility curve in economics is a curve that explains the combination of two goods…

Q: Fill in the blanks using the number that correspond to the correct word or phrase in the word bank…

A: We know that in this world resource is limited, and economics is all about the study and allocation…

Q: What is an real-life example of a opportunity cost?

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: Question No 2:  Below is a production possibilities table for consumer goods (automobiles) and…

A: The production chance frontier (PPF) could be a curve that depicts the most amounts of 2 things…

Q: 9) Which of the following activities, if any, accurately describes the opportunity cost of attending…

A: Opportunity Cost :- It means the sacrifice you have made for opting a particular task. It means with…

Q: What is a positive statement? What is a normative statement? What is the difference between positive…

A: Positive statement talks about factual phenomenon while the normative statements are advisory in…

Q: What do you mean by the production possibilities of an economy

A: Production possibilities of an economy refer to different combinations of goods and services which…

Q: Explain your take on the statement i.e. “If resources were unlimited and freely available,…

A: Economics, the science of choice as studied by Lionel Robinson, economics is the science which…

Q: 1.2 Which of the following is NOT a primary factor of production? a) A business owner b) A doctor c)…

A: 12) Out of the given option, business owner is not a primary factor of production. Reason:- There…

Q: Does this production possibilities curve show increasing opportunity costs? Explain

A: The curve that depicts the combination of goods that could be produced using the resources being…

Q: Every point on the production possibilities curve represents? a. a greater increase in supply  b.…

A: The production possibility curve is the graphical representation of the different combinations of…

Q: Describe Economics as a Social Science and as an Applied Economics. What are the different tools…

A: Answer:-  1) Economics as a social Science:- The study of economics is a social science. This…

Q: The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25…

A: The value-added method is used to calculate the gross domestic product. The gross domestic product…

Q: Which of the following best describe what we mean byresources in economics?

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…

A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…

Q: The reason that the production possibilities frontier is usually a bow-shaped curve instead of a…

A: The PPF is bowed shaped due to law of increasing opportunity cost. When an economy produces more of…

Q: Any point on a country's production possibilities curve represents a combination of two goods that…

A: There are 3 kinds of PPC bend which are straight-line slanting down, inward and raised bend. The…

Q: The following graph shows the production

A: Answer 1. A. At point P, the economy is producing at an inefficient level since all the resources…

Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…

A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…

Q: The circular-flow diagram illustrates that, in markets for the factors of production?

A: The circular flow diagram of a country is defined as the movement of commodities including services…

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: Would the study of economics be necessary if resources were unlimited?

A: Economics is study of managing limited resources against unlimited human wants so that maximum level…

Q: Using the following combinations as Production Possibilities data for consumer goods and capital…

A: In an economy, opportunity cost describes the loss or the amount of output or income that is…

Q: Would the study of economics be necessary if resources were unlimited?  b. "Wants are not limitless.…

A: Ans.a) The main motive of studying economics is the fact that resources are scarce in the world and…

Q: Movies inumber per year) Refer to the accompanying figure. At point D, the opportunity cost of…

A: The Production Possibilities Curve is a model being used to show the trade-offs which are associated…

Q: Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each…

A: choice alludes to the capacity of a purchaser or maker to choose which great, administration, or…

Q: When an economist say a resource is free what does it mean

A: Free Resources A resource that can be used to manufacture consumer-satisfying products and services…

Q: Use the following table to answer the question below. Jorge's Production Possibilities Schedule…

A: Opportunity cost is such a condition where we misses the second best alternative available to us to…

Q: What are economic resources? What categories do economists use to classify them? Why are resources…

A: Economics is the study of how scarce resources are allocated to satisfy maximum human wants. Human…

Q: Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm…

A: Opportunity cost refers to the loss incurred by giving up the next best alternative while making a…

Q: Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The…

A: Scarcity refers to the scarce or the unavailability of the resources and inputs to produce a certain…

Q: The fundamental economic problem is one of scarcity. The basic questions of economics become: What…

A: Scarcity refers to the limited availability of a resource in comparison to the unlimited  wants.…

Q: Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs…

A: Ques 11 In very simple words , opportunity cost is the cost of next best alternative forgone. Given…