What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?

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: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…

A: Productive efficiency takes place when production of the optimal combination of output is achieved…

Q: When you take a loan from a bank, this is an example of what? Financial economics Home economics…

A: Economics is a part of social studies that is further classified into different sections such as…

Q: What is the circular flow diagram, and what does it demonstrate?

A: ((Since you have asked multiple question, we will solve the first question for you. If you want any…

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: Refer to Figure 2-1. Which arrow shows the flow of the factors of production? Figure 2-1 A Markets…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: I. Essay. Explain the following. 1. What is Applied Economics? 2. What are the three basic economic…

A: Economics is that the study of insufficiency and its implications for the use of resources,…

Q: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it…

A: Basic Economic problem of Scarcity: One of the most fundamental economic issues we experience is…

Q: Economic systems: O address the questions what is produced, how it is produced, and for whom it is…

A: Economic System:- An economic system, which is also termed as an economic structure, is a method of…

Q: If someone was to conduct a study in the field of microeconomics, which of the following questions…

A: Economics is a social science that studies people's decision-making processes when faced with many…

Q: Explain, how does the economy as a whole works? And which economic agents are of the greatest…

A: The economy works on the principle of exchange. A series of exchange of goods, money, and services…

Q: Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources. (b)…

A: Note:  We’ll answer the first three questions since the exact one wasn’t specified. Please submit a…

Q: What is Economics, and Why Is It Important? What is Studied in Microeconomics and Macroeconomics?…

A: “Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: please help me out please Economic Systems Essay Compare and contrast the ways in which…

A: Traditional economies mainly depend on agriculture or certain other occupations. So what to…

Q: What mix of inputs should be used to produce a given level of output?

A: The production function refers to the function that determines the maximum quantity of output that…

Q: As you look at your available resources, what is one SNHU resource/amenity that you can draw upon to…

A: Resources available at SNHU for reaching intentional goals: An academic advisor is assigned for…

Q: What is economics, and how can you benefit from understanding basic economic concepts

A: Economics: Economics matters by investigating how people settle on choices despite the shortage.…

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 each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

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: Briefly describe efficiency in production?

A: Efficiency: It means the ability to produce the desired product with a minimum of expense or…

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: 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: Can you identify and explain your family’s interaction in the market for factors of production and…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: the difference between macro and micro economics

A: Economics: Economics is concerned with all the economic activities arising out of scarce resources…

Q: Describe scarcity an explain how is thinking like an economist help when faced with scarcity

A: The study which includes a discussion about the scarce resources and their efficient allocation…

Q: Some scholars have asserted that “human resource planning is not an important function to be…

A: Human capital or human resource is a crucial input that organizations employ. As opposed to…

Q: Explain the focus of economics on the "allocation, distribution, and use of resources".

A: The economics is the study of the social science which would deal with the distribution, allocation…

Q: True/False The resources used to make all goods and services are called factors of production

A: # Resources are the building blocks any economy. Without these we can't think of producing any good…

Q: How does the study of economics depend upon the phenomenon of scarcity?

A: Scarcity is known as the excess of demand over supply in an economy at a particular price.

Q: What is the Theory of Production in economics? Explain..

A: Answer: In economics, the technical relationship between the input and output is explained by the…

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: What is the Importance of Micro-economics. Or Write a short note on the importance of micro…

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

Q: In the simple circular-flow diagram, who sells the factors of production? Select one: a.households…

A: In simple circular flow diagram, there are only two entities viz. Household and business houses.

Q: What is the essence of studying the various fundamental laws and theories of learning? Explain.

A: Learning is the process of acquiring skills, knowledge, attributes, and values.

Q: Economists refer to the inputs that firms use to produce goods and services as a. derived factors.…

A: Using definition of each and every option. a. Derived factors used to define the eligibility of a…

Q: shows the possible combinations of two types of goods that can be produced when available resources…

A: The resources in the economy are limited. They are scarce as well. The human needs, however, are…

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: Do Now: Define the following words: (online definitions are good just make sure it's related to…

A: Needs and wants are economic terminology that helps to understand the economic decisions of an…

Q: 1. Any resources that are made by humans and used to create other goods and services are called…

A: ("Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: idea of scarcity

A: Scarcity, in general, is the lack of availability of a good. In economics, scarcity is defined as an…

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: What are the costs of attending a particular college or university? What are the costs of taking a…

A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…

Q: What are examples of individual economic agents?

A: Economic agent is a person or an organization who acts as a decision maker that can influence…

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…