Why does the fact that something is scarce require that we make choices

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: Why can’t we accomplish all of our economics goals?

A: Economics is a branch of social science that deals with the allocation of resources among all the…

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: 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: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide the…

Q: Explain a situation where you had to make a choice given different options due to limited resources?

A: The situation narrated in the question which involves making a choice given different choices and…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: Given, Number of people = 100  1 ham requires 100 people

Q: According to Polonyi,need for economy arises a)because scarcity of resources needs efficient…

A: According to Polonyi, formal economics is related to the scarcity of goods, and that too when the…

Q: Bart and Lisa are kids.  Their parents want to get a pet to keep them busy during a pandemic but…

A: Willingness to pay is the maximum price that a consumer is willing to pay for a good or a service.…

Q: Which of the following best illustrates the importance of addressing the three questions of…

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

Q: Explain the link between scarcity and the need for a rationing device

A: Meaning of Scarcity of Resources: The wants that can be satisfied by consuming goods and services…

Q: Which of the following is a question answered with normative economic reasoning? O If the college…

A: Positive economic statements:  A positive economic statement is based on empirical data and facts,…

Q: Are you happy or comfortable in all your decisions from the different situations why?

A: Yeah I can not say I'm happy but I'm satisfied You cannot be proud of your all decisions, because…

Q: A popular bakery has only a few ingredients left to make their products. They could bake muffins or…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the economic…

Q: Joab and his friends used to play a game where they put on a dog's electric fence collar and tried…

A: Economics is a branch of science which deals with the production, distribution, and consumption of…

Q: In a culture where we are bombarded with other people trying to define us, how do we make decisions…

A: Culture defines an indiividual upbringing and also in the world of billions, people stand out in a…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: An economic explanation for why people make different choices begins with accepting the proverbial…

A: Saving: It refers to the money that is not used by the people. It is the money which is used in case…

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: Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that…

A: The opportunity cost is the next best alternate or the next best alternate that is given up.

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: People must make choices because the amounts of resources:    a. are unlimited.    b. are…

A: The employment of resources in the economy to create new goods and services to satisfy the wants of…

Q: Eva finds that there is not enough time after work to have dinner, exercise, and watch TV, and she…

A: Study of economics states that since resources are limited, society must choose which commodities to…

Q: Can you help me with below homework question. Which of the following economic criteria is concerned…

A: The answer is d) Allocation efficiency.

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: In economics, the concept of scarcity refers to the constrained supply of resources. It states that…

Q: Using Production Possibilities Curve (PPC), identify the trade-off between public and private goods.…

A: Answer -

Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: In the above example, Dina needs to trade-off between swimming and work. If she works, she gets $9…

Q: What is the name for something that changes the trade-offs that people facewhen making a decision?

A: A trade-off is a situation in economics where making one choice or purchasing one good means losing…

Q: ________ can predict the Impact of an economic event on economic choices..

A: According to the given question The events which can be initially measured in the terms of money or…

Q: Explain a situation where you had to make a choice given different options due to limited resourcea?

A: The scarcity shows the excess of human desire over the limited resources. In the economy, the…

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: Scarcity means we must O make choices. O work more. O consume less. earn more. O produce less.

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

Q: In the economy, is there only one efficient combination of goods?

A: Meaning of Production Possibility Curve/Frontier: Production possibility is a curve showing…

Q: Q17. The choice on a production possibilities set that is socially preferred, or the choice on an…

A: Production Possibilities set is defined as the set as a set of possible combinations of goods which…

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: WHY IS ECONOMICS RELEVANT VERSUS IMPORTANT?

A: Allocation of resources is the distribution of available resources and assets among various works…

Q: What is ecological about ecological economics?

A: Ecological economics examines the world and draws interdisciplinarily from principles of biology,…

Q: WHAT is an allocation of resources such that no person can be made better off without making another…

A: Allocation of resources refers to the distribution of productive assets among various purposes.…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: It is given that the town has the total population of 100 people. The town likes to consume the hams…

Q: Why do property rights and the level at which choices about using resources occur matter to an…

A: The property rights and the level at which the choices about using the resources affect the society…

Q: How does marginality work in economics?

A: when we have two variables say x and y, the change in amount of x caused by one unit change in y is…