What determines whether or not a rsource is scarce? Why is the concept of scarcity important to the definition of economics?

Q: How did social media disrupt freethought? (Use Philippine politics as an example)

A: It is simple to express free opinion on social media, however unfortunately, social media may also…

Q: Scarcity means that

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

Q: What does it mean when you compare allocative efficiency to worker efficiency? What are the…

A: Worker efficiency is defined as producing goods and services for all-time low cost. Productive…

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: What are three important way by which "consumer cities" may differ from "production cities?"

A: Cities have historically been perceived as providing benefits in production and drawbacks in demand,…

Q: scarcity and competition

A: Scarcity and competition both are the terms which a producer face while producing commodities.…

Q: Relate why economic profits occur and how profits, along with losses, allocate resources among…

A: Economic profits equal to total revenue minus implicit and explicit cost both. Economic profits…

Q: Explain the link between scarcity and each of the following a) choice b) opportunity cost c)…

A: By scarcity, we mean limited. For example, scarcity of resources means we have limited resources…

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: Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of…

A: Allocative efficiency is a condition of the economy where creation is lined up with purchaser…

Q: what does Adam Smith mean by “self-regulating

A: Adam Smith in his book called "The Wealth of Nation" published in 1776 has described the…

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: CLOI. Define economics and explain its importance to individuals' and firms' success.

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: what is micro economics?

A: Economics: The problem of scarcity induces to study the problem of choice at a social or national…

Q: What will happen if there is no scarcity? Explain.

A: Scarcity is the basic problem of economic and it refers to the gap between the scarce – resources…

Q: Why do marginal costs tend to rise, and marginal benefits tend to fall

A: Marginal cost is the addition cost which is incurred for producing an additional output.  Marginal…

Q: does scarcity relates to price

A: Scarcity is the state of having shortage of resources than actually required.

Q: What is scarcity? Can you think of 2 causes of scarcity?

A: Scarcity is the basic economic problem and can also be considered as the fact of life. It is…

Q: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: What thing is considered as an integral part of the capitalistic economy? One word

A: According to the given question Actually the capitalistic economy is also known by the other name…

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: What are the merits of inductive method? Briefly discuss what are the shortcomings of this method in…

A:

Q: What is the difference between scarcity and poverty?

A: Poverty:Poverty refers to the economic situation of the people in which they are not able to afford…

Q: what is artificial scarcity ?

A: Scarcity is defined as shortage of goods or resources. Scarcity is a naturally occurred shortage,…

Q: How does competition arise out of scarcity? Give an example.

A: Scarcity refers to the limited availability of resources than the required level.

Q: How does wants and needs connect to Scarcity

A: Scarcity refers to the limited resources. This is the basic problem of an economy. All the economies…

Q: While Marcus and his friends were watching a movie last Saturday, Marcus received a phone call from…

A: The opportunity cost is the cost of choosing one option over another.

Q: What type of "Scarcity" in your daily life do you face? Briefly describe.

A: Scarcity is the situation where the resources are being short and limited to use for the people.

Q: If slice of life Pizza can get its restaurant to be used in an upcoming movie, then this would be a…

A: Marketing means promotion and selling of goods and services which includes market research and…

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: KIND can be considered a "social enterprise." Again, what does the term mean? Whatever the term…

A: Social Enterprise: Businesses that change the world for the better are known as social enterprises.…

Q: What is the meaning of micro economics

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: Describe the field of economics known as microeconomics.What is the cost-benefit principle?

A: Microeconomics is a branch of economics that analyses the effects of incentives and decisions on…

Q: How can scarcity of resources be a problem to society

A: Scarcity happens when the availability of resources is less than demand of society. Thus, society…

Q: Scarcity Implies? a. there isn't an opportunity cost b. there will be shortages.  c. there will be…

A: In Economics, scarcity implies the limited availability of resources. It refers to the gap between…

Q: Explain how scarcity is determined in our economy

A: Scarcity is well defined when ends available to fulfill the need are limited and not easily…

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: Give an example of how scarcity of a product would have an impact on a microeconomic level. Please…

A: Scarcity means the availability of limited resources to carry out economic activities. It is a basic…

Q: Why is Private Property and Competition are the most important to a capitalist economy?

A: A capitalist economy refers to an economic system in which the private agents own and control the…

Q: How does the scarcity of resources effect the decisions people make in their everyday lives?

A: Scarcity is the basic foundation for economic decision making process. It would simply means that…

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…