Write TRUE if the statement is right and FALSE if it is wrong:   _____    9. We run into scarcity due to the fact that people have limited wants.                            _____     10. People need to allocate resources efficiently because resources are limited to meet peoples unlimited wants.

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: Scarcity is defined as the excessive quantity of available goods and services compared with the…

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

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: Which of the following is NOT an illustration of the notion of opportunity cost         A.…

A: Scarcity is a very important concept in economics which explains why consumers and producers have to…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: Which of the following examples illustrate why even the 1,826 billionaires in the world face…

A: Basics:- Scarcity is measured as shortage of resources against unlimited human wants. In the given…

Q: Local government bans on plastic grocery bags due to environmental concerns have led to increased…

A: Economist argue that the free market allocates the goods efficiently so the government should not…

Q: Distinguish between a positive statement and a normative statement and provide 2 examples of each

A: Positive statements and negative statements are the two different way of thinking about economic…

Q: Which of the following countries  do not experience scarcity?     A.) United States of America…

A: In economics, the word 'scarcity' refers to the limited availability of resources in an economy.

Q: Maisa decided to spend money on a book instead of going for a movie. She understood that if she…

A: Before we discuss the solution to the above problem, let us first understand the concept of…

Q: Which of the limitations listed below best explain why scarcity occurs? Select the correct answer…

A: The inequitable distribution of resources is one of the fundamental causes of scarcity. There are…

Q: What is your opportunity cost of taking this course at Berkeley College? How does the role of…

A: Opportunity cost refers to the next best alternative for use of a resource. The one a person…

Q: Because of scarcity: Select one: a. all choices about wants and using resources must be made by…

A: The difference between limited resources and supposedly limitless needs is known as scarcity in…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: For each statement, indicate whether it is a positive or normative statement. Provide your reasoning…

A: Positive analysis tests the reliability of hypothesis against facts. It could either be true or even…

Q: Give one example each of a positive and a normative statement.  Use your own example and not one…

A: The value of economic fairness, or what the economy "should" or "ought to be," is that the focus of…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don't go…

A: Opportunity cost refers to the value of next best alternative use of given resources.

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

A: The link between each of the following and scarcity is given as follows: a) Choice and scarcity:…

Q: Economists sometimes disagree; why? Group of answer choices A. by not computing the opportunity cost…

A: The correct option is C. Normative statements are those which are related to 'what ought to be'.…

Q: Although attending college is expensive, time-consuming, and requires effort, but people decide to…

A: According to the ration consumer theory, when the marginal benefit (MB) gained from consuming…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: Give four examples of normative and positive statements

A: Positive statements deal with some assumptions and conclusions about the state of the world. In…

Q: In Victoria. In Queenslan 4.12.1 Which form of scarcity is depicted in Victoria in the picture…

A: 12.1 - Victoria is facing water scarcity which reached stage 4. Under Stage 4, there are many…

Q: The presence of scarcity means that no choices come without

A: Trade-offs or a trade-off is a situation in which a person has to take a decision that involves…

Q: Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.

A: The problem of scarcity is the gap between limited resources and unlimited wants. If demand for any…

Q: Every society faces​ trade-offs because we live in a world of scarcity. Suppose a​ student-athlete…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Which of the following a branch of economics that deals with how the economic problem facing the…

A: Economics is divided into different branches.

Q: Microsoft looked to restructure in part as a response to external pressure from increasing…

A: Basics:- Open System Approach:- In this way, an organization is influenced by its environment…

Q: 3. Is each of the following statements positive or normative? If the statement is positive, write a…

A: A normative statement expresses a value judgement. This is the speaker's opinion; no one can "prove"…

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: Define scarcity and identify two causes of scarcity?

A: Scàrcity it is  the term of  If the demand for a product is higher thàn its supply, then a shortàge…

Q: Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost…

A: Economics has a relation with the study of scarcity, the use of resources by people, and response…

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: 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: Problem 1 Is each of the following a positive or normative statement? If it is a positive statement,…

A: Positive and Normative statement Positive statements are based on facts, whereas normative…

Q: You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35.…

A: Opportunity cost refers to the forgone benefit because of choosing one alternative over another. So,…

Q: "What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made,…

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

Q: True or false? Part A. Millionaires do not face the problem of scarcity. Part B. The factors of…

A: Economics deals with the allocation of scarce resources among alternative uses to satisfy human…

Q: (a) Invention and innovation are examples of creativity that allows the production of greater…

A: In a market, invention and innovation are the move towards improvement in the current technology and…

Q: For each statement, indicate whether it is a positive or normative statement. Provide your reasoning…

A: Factual statements are positive statements. Verification or test of statement is possible. The…

Q: If an economy is producing inside its production possibility curve, it reflects…

A: Production possibility curve explains the trade-off between combinations of 2 goods or services.…

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…

Q: Discuss a consequence scarcity has on our lives. Ideas that you may want to consider and discuss are…

A: Scarcity refers to the limited availability of resources that have unlimited wants and alternative…