Exam (elaborations)
Resources And Scarcity Assignment Detailed Questions And Expert Answers
- Course
- Resource Scarcity
- Institution
- Yale University
Resources And Scarcity Assignment Detailed Questions And Expert Answers
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Resources And Scarcity Assignment DetailedQuestions And Expert Answers
What issue results from the combination of limited resources and unlimited
wants? - ANS scarcity
Resources are things people use to make goods and provide. - ANS services
The resources used to create goods and services are divided into three main
categories: land, labor, and - ANS capital
Trees, solar energy, and water are examples of: - ANS renewable resources
According to the rules of economics, all resources are in their supply. The wants
and needs of people are. - ANS 1. limited
2.unlimited
The more scarce a resource is, the people are willing to pay for it. The principle of
scarcity forces people to. - ANS 1. more
2. make choices
Based on the information presented in this scenario, what can you determine
about the copper piping? - ANS Copper is a scarce resource, which increases its
value.
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