The production possibilities frontier (PPF) illustrates the concept of scarcity

Q: Scarcity limits the volume of goods that an economic system can produce but does not limit the…

A: One of the defining features of economics is scarcity, which deals with how people satisfy unlimited…

Q: choice arise out of scarcity

A: Scarcity- Wants of people are more than availability. Scarcity is the gap between limited resources…

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: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: State (a) a positive economic statement of your choice, and then (b) a normative economic statement…

A: Differentiate positive and normative economics: Positive economics is described as the descriptive…

Q: The fact that human wants cannot be fully satisfied with available resources is called the problem…

A: According to the given question The fact that the human wants cannot be fully satisfied with the…

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: What is your opportunity cost of taking this course at Berkeley College? How does the role of…

A: Opportunity cost refers to the next best alternative for use of a resource. The one a person…

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: Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it?…

A: Production possibility frontier: - it is the graphical representation of different combinations of…

Q: Which of the following statements is true of scarcity? A. Scarcity only effects developing…

A: Scarcity: - it is the very basic problem of economics that is related to the limited availability of…

Q: Jack has 4 hours of free time (leisure) per day.   Jack has two leisure activities (hobbies) –…

A: PPF shows all possible combination of two goods that can be produced by the given resources. In…

Q: Define scarcity?

A: ‘Economics’ is defined as the study of the use of ‘scarce resources’ to satisfy unlimited human…

Q: True or false? Scarcity in economics could be eliminated but poverty could not.

A: Scarcity is gradually considered as one of the basic or primary problem of the economy, the wants…

Q: Differentiate between normative and positive economics ?

A: Positive economics: It is all about the economic issues that were there in the past, are there in…

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: The presence of scarcity means that no choices come without

A: Trade-offs or a trade-off is a situation in which a person has to take a decision that involves…

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: Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.

A: The problem of scarcity is the gap between limited resources and unlimited wants. If demand for any…

Q: Fully discuss how the production possibility frontier demonstrates the basic economic problem of…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Explain why scarcity and choice are the basis of economics.

A: Due to scarcity of resources, only a limited amount of services and goods could be produced in an…

Q: The most efficient point of production along the production possibilities frontier is .) Group of…

A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…

Q: According to Forbes Magazine, there are close to 2700 billionaries in the world. It is likely fair…

A: Scarcity refers to the economic phenomenon where the resources are not sufficient to meet all demand…

Q: Economics: considers the trade-offs under scarcity assumes people act "rationally" in exchanges…

A: When studying about the economy as a social aspects, economics is the branch of social studies that…

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: Explain why scarcity leads to tradeoffs

A: In economics a fundamental concept is that of scarcity. Contrary to its colloquial use, economic…

Q: Provide an explanation an economist might give showing why each statement is true: - scarcity always…

A: Scarcity exists where the demand tends to be larger than that of availability of resources. Or…

Q: What is scarcity

A: Scarcity is an economic concept which refers to the limited or low availability of the resources or…

Q: What should I assume when I am asked to make a Production Possibilities Curve?

A: The production possibility curve is the curve that shows different combinations of goods that can be…

Q: What is scarcity? Can you think of two causes of scarcity?

A: Scarcity is the lack of resources. If the demand for a commodity exceeds the availability, then…

Q: How should we deal with the problem of scarcity?

A: Scarcity:- Scarcity refers to condition of not having enough resources to fulfill our wants. Problem…

Q: Which of the following is an example of economic scarcity? College students only have enough time to…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

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: 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: 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: Use the PPF to answer the following question: 1. Can we determine if Point F is allocatively…

A: Allocative efficient is the point on the Production Possibilities frontier where the production of…

Q: Which of the following is consistent with a point below an economy's production possibilities…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Describe the linkage between “Scarcity” and each of the following; i. Choice ii. Opportunity Cost…

A: (i) Link between scarcity and choice. Scarcity would involve selection. People choose which of their…

Q: following

A: Scarcity refers to the basic problem being economic in nature which is basically limitless wants and…

Q: Evidence accumulates that the use of fertilizers,  which increases agricultural production greatly,…

A: As it is said, more the use of chemical fertilizers, more there would be agricultural production and…