What is the difference between scarcity and poverty?

Q: What is artificial scarcity ?

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

Q: What are the four basic economic questions? How are they answered in a capitalist economy?

A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…

Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?

A: ANS The economic model assumes that society will receive the most benefit when producers are left…

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Describe the types of economic systems.

A: The macroeconomics is the part of the economics which studies the economy as a whole. It studies…

Q: Which of the following are three key components of the economic problem? a. scarcity; choice; giving…

A: The economics as a study is based upon the basic idea of scarcity, where the resources which are…

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

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

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: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: what is micro economy?

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

Q: What determines whether or not a rsource 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: 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: Use a production possibilities frontier to describe the idea of "efficiency"?

A: Production is efficient if it is produced at production possibility curve.

Q: In a market economy?

A: In a market economy, prices of goods and services and allocation of resources are determined by…

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: 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: What is social policy?  What are some examples of social policy?

A: Social-policies are the policies that the government(G) and the legislatives make in order to bring…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: What is scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

Q: State the main characteristics of a Market Economy and explain how Market Economy works?

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: What is scarcity

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

Q: example of marginalism

A: Marginalism generally includes the study of marginal theories and relationships within economics.…

Q: What is the opportunity cost of increasing the number of movies produced?

A: Opportunity cost refers to the given up benefits to obtain some other benefits.

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: 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: What Is Economic Conditions?

A: Economic Conditions: It is the present condition or state of the economy of a country. This…

Q: When alice went to a movie theatre last time,she had to choose between a romantic movie and action…

A: Scarcity refers to shortage of resources to fulfill unlimited human wants.

Q: How is Social Entrepreneurship a contributing factor to SDG? Cite examples please.

A: Sustainable development goals(SDG): There are 17 SDG goals that are focused on the global ground.…

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

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: Why choice arise as a result of scarcity?

A: Opportunity costs are the potential advantages that an individual, an investor, or an organisation…

Q: How does a market economy solve the what, how, and for whom to produce problems?

A: What to produce, how to produce and for whom to produce are three basic economic questions or…

Q: why a person would rather live in a market economy or command economy.

A: When talking about economic system, market economy and command economy are two completely different…

Q: What are examples of society's widely accepted economic goals?

A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…

Q: What are the advantages of a free market economy?

A: A free market is a type of market economy where prices for all goods and services are regulated in…

Q: what is market free economy? and discussion on free market economy advantages and disadvantages ?

A: An economic system refers to the means by which a particular government/society organizes and…