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scarcity
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competition
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Solved in 2 steps with 1 images
- The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is also called the Economic Problem. True False Which of the following is NOT a key question that needs to be answered by an economic system? Which products and services should be produced? Who should produce these products? For whom should the products be produced Which resources must be used? How long will manufacturing it take? America is known as a first world country largely due to the creativity and innovation of business owners. Customers have freedom of choice, when selecting products and services to satisfy their neds. America is therefore an example of a: Free market Economy Command Economy Socialism None of the above. PLEASE ASSISTTrue or false? Part A.Millionaires do not face the problem of scarcity. Part B.The factors of production include all goods and services produced in an economy. Part C.The United States is one of the least “marketized” economies in the world.Which of the following is NOT one of the key fundamental economic questions of an Economic System? Question 26 options: What to Produce? How to Produce it? The Government putting a tax on a Product? For Whom to Produce it?
- Question: Which of the following best illustrates the economic way of thinking? a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.Categorize the following as microeconomic or macroeconomic questions: (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?Activity 2 : Significance of Economic Systems Imagine that you are in your classroom with 30 other students and your professor places in front of you something you all want, such as milk tea and asks how each person living in these economic systems would decide who should get it. PLEASE EXPLAIN HOW IT SHOULD GO ABOUT.
- In what type of economic system are the basic economic questions answered in the same way as in the past? A planned economyA traditional economyA command economyA market economy Flag this Questionthe difference between mercantilism, liberalism, and Marxism. How does each view the purpose of economic activity?What are the key elements of the scientific method and how does this method relate to economic principles and laws?
- Economics The six environmental forces are competitive, economic, political, legal and regulatory, technological, and sociocultural. With which are each of the following most associated? One word per answer. questions. Answer Questions A. _____________Prosperity B. _____________Federal Trade Commission C. _____________Personal computers that understand human speech D. _____________Development and widespread use of cellular phones E. _____________People’s willingness to spend F. _____________Contributions to campaign funds G. _____________A society’s high material standard of living H. _____________Sherman Antitrust Act I. _____________Better Business Bureau J. _____________Consumerism K. _____________Discretionary income L. _____________Food and Drug Administration M. _____________A monopoly N.…The economic institution that transforms factors of production into consumer goods is: a. a firm. b. the government. c. lending institutions such as banks and credit unions. d. the stock market.How do or don't these 3 principles apply to today? - economics rules everything - class struggle is one constant throughout history - capitalism survives by exploiting the workers.
