On the basis of your observations, which factors of production are scarce in your community? Give examples of each.   Explain why societies can or cannot satisfy all the wants of its people. Explain your answer and provide an example.   Do different societies require different amounts of societal resources? Explain your answer and provide an example.

Q: different societies require different amounts of societal resources

A: Societal resources- The resources that are related to the society.

Q: The economic term equality describes a situation in which -society is getting the maximum benefits…

A: Income equality: Income equality is a situation of equal income distribution for households and…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: The various combination of the goods that can be produced in an economy certain when the available…

Q: Collective goods are public goods that are available to all regardless of individual contribution…

A: Answer: A collective good (or public good) is both non-excludable and non-rivalrous. It means no one…

Q: Because of scarcity: Select one: a. all choices about wants and using resources must be made by…

A: The difference between limited resources and supposedly limitless needs is known as scarcity in…

Q: Explain the operation of the “invisible hand” and why market economies usually do a better job than…

A: The concept of invisible hand was put forward by adam Smith.

Q: why market economies usually do a better job than command economies at efficiently transforming…

A: Answer: Introduction: Market economy: it refers to the economy where there is no government…

Q: Which one of the following occurs in capitalistic economy? a. Means of production are owned by the…

A: Capitalism is defined as an economic system which is characterized by private ownership of the means…

Q: If capital can only be used to produce shoes, land can only be used to produce beans, and labor is…

A: Given capital and land are immobile and can only produce shoes and beans respectively, labor would…

Q: There are four consumers willing to pay the following amounts for haircuts, and there are four…

A: Willingness to pay is defined as the maximum amount a customer or consumer is willing to pay for a…

Q: Your budget line defines A) Consumption possibilities B) Production possibilities C) Societal…

A: An individual requires a number of goods and services for the exhaustion of his/her/their needs and…

Q: Your group won $100 from a Tiktok dance challenge. You have a choice between spending the money now…

A: When talking about opportunity cost, it refers to the loss of income or additional cost that occurs…

Q: Alarm & Tint, Inc., has 10 workers working a total of 400 hours per week. Tinting takes 2 hours per…

A: Production possibility frontier is the boundary of the feasible outputs of the commodities or…

Q: Base your answer to this question on the passage below and on your knowledge of social studies. One…

A: The economic development of countries has been accompanied by a degradation of environment. This has…

Q: In your own words, clearly distinguish and differentiate why economists say all resources are scarce

A: Resources are the set of material, stock, and other assets used in the organizations for smooth and…

Q: Discuss the concept of homoeconomus with adequate examples. How does it help create an equilibrium…

A: The subject that includes the discussion about the allocation of scarce resources among all the…

Q: iefly discuss and critique the 4 aspects of sufficient global food system according to Berners Les.…

A: The system of food can be defined as the whole complete set of individuals, activities,…

Q: It is clear that productive inefficiency is a waste since resources are used in a way that produces…

A: Allocative effeciency refers to an economic situation that is commonly found in the ideal…

Q: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…

A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…

Q: The greatest incentive for conserving scarce resources and using them in the most productive ways…

A: Natural Resources are materials from the Earth that are consumed to help life and address…

Q: Using a Production Possibility Frontier where beef and corn are produced, depict the following…

A: Production possibility frontier: Production possibility frontier/curve is the graphical presentation…

Q: A traditional economic system which is simply explained as “producers consumers relationship” is…

A: The economics as a study is based upon the idea that the economies, or the societies around the…

Q: The example of "analog reasoning" described in Frijters/Foster likened migration to... a)A picnic in…

A: Let's say individuals want to model the economic phenomenon of labour migration as an example of…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: With market economy,certain problems can occur,if there is no government intervention…

Q: How are resource decisions affected by the global market and world events? Provide a real-world…

A: The countries in the world have developed their economies by interacting with the other countries…

Q: 1. According to the textbook, which of the following statements is (are) correct? (x) Efficiency…

A: 1. Efficiency means that society is getting the most it can from its scarce resources While ,…

Q: Write TRUE if the statement is right and FALSE if it is wrong:   _____    9. We run into scarcity…

A: The economics is the study about the allocation of limited across the people of the country.…

Q: The boundary between the combinations of goods and services that can be produced and the…

A: Economics refer to the study of allocation of scarce resources in  the most optimal way, when the…

Q: The basic economic argument is that humans face the big problem of __________. That big problem…

A: Scarcity refers to the problem of limited resources available to the economy to produce goods and…

Q: 1. a high fertility rate reduces the per capita income be it the gross national income per capita or…

A: 1. A high fertility rate reduces the per capita income be it the gross national income per capita or…

Q: Why is private property and competition are the most important to a capitalist economy? Support your…

A: Capitalist economy is the economy in which majority of resources are owned by the private party.  In…

Q: Unlike a market economy, a command economy: a. Consumer sovereignty to make production decisions b.…

A: Economy of a country includes all the economic activities that are undertaken in the country.

Q: production possibilities frontier can shift outward if Select one: a. government increases the…

A: PPF shows the different considerations of two goods that can be produced using the all inputs and…

Q: Which of these statements does not apply to market economies? Select one: a. Prices influence how…

A: An economic system is referred to as a market economy. The interactions of a country's individual…

Q: Shield deodorant and Gucci Perfume are products that satisfy Physiological needs. True False…

A: 1. Shield deodorant and Gucci Perfume are products that satisfy Physiological needs. - FALSE

Q: Discuss the concept of resistance to change in organization, by (a) specifying the forms that…

A: a. Forms of resistance1. Passive form of resistance to Change:  In this type of resistance, people…

Q: Which one of the following is not likely to occur in a mixed economy? a. Means of productions are…

A: Which one of the following is not likely to occur in a mixed economy? The answer is - b. Total…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…

Q: Which of the following is not a way to the us government intervenes in the economy a. Minimum wage…

A: Certain public products and services are provided by the government because there is no market for…

Q: According to our textbook, “Business firms are often the best way to organize our limited resources…

A: The Utility theory (Consumer Choice) helps in making fundamental products less expensive than…

Q: Within a laissez faire system, the government should only perform those activities that the private…

A: An economic that works on the concept of the free market mechanism is essentially a capitalist…

Q: In a market economy, what is the central coordinating mechanism? How does a market economy solve the…

A: Hey, thank you for the questions but according to our policy we answer only one question per…

Q: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: Adam Smith was an eighteenth-century Scottish economist who lived from 1723 to 1790. While Smith's…