What is a scarce resource - Study guides, Class notes & Summaries

Purdue | Econ 252 | Dr. Vargas | Exam 1 Questions and Answers 100% Pass Economic Agent Any group or individual that makes choices. What is Economics the study of? How agents make choices among scarce resources and how those choices affect society Scarcity A situation of having unlimited wants in a world of limited resources When are resources scarce? Resources are scarce when the quantity that people want exceeds the quantity that is available Positive Economics Describes what people actuall...

Economics - Answer The study of scarcity and choice. Individual Choice - Answer Decisions by individuals about what to do, which necessarily involve decisions about what not to do. Economy - Answer A system for coordinating a society's productive and consumptive activities. Resource - Answer Anything that can be used to produce something else. Land - Answer Refers to all resources that come from nature, such as minerals, timber, and petroleum. Labor - Answer The eff...

Economics CORRECT ANSWER The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited wants Factors of Production CORRECT ANSWER Labor, Land, Capital, Entrepreneurial ability Physical capital CORRECT ANSWER Manmade equipment like machinery, but also buildings, roads, vehicles, and computers Entrepreneurial Ability CORRECT ANSWER The effort and know how to put the other resources (Factors of Production) together in a productive ventu...

TEST BANK FOR MICROECONOMICS 7TH EDITION By jeffrey M. Perloff - ComPlete All Chapters. Microeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. Answer: B Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 2) Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource theory. Answer: A Section: The Allocation of Scarce Resources Question Status: O...

Test Bank for Economics 4th Edition by Paul Krugman 1. A simplified representation that is used to study a real situation is called a(n): A) model. B) production possibility frontier. C) assumption. D) trade-off. 2. The models that economists construct: A) usually make simplifying assumptions. B) often rely on physical constructs, such as those used by architects. C) rarely use mathematical equations or graphs. D) attempt to replicate the real world. 3. When building a mod...

Agec Global issue Question and answers correctly solved Which of the following are characteristics of a professional? A. Showing up on time or early B. Owning up to your mistakes and fixing them ASAP C. Being polite, formal , and error free in your written - correct answer all of the above which answer is best described as being a scarce resource in our economy A. grass B. Fresh, clean water C, loud Music D. None of above - correct answer Fresh, clean water which answer best d...

Defense Acquisition University: ACQ- ACQ 1010 All modules Exams 1-10 Answered and graded 100% score; Latest Fall 2022. Test – ACQ 1010 Module 1 Exam: Systems Acquisition Management Overview 1. Select the Department of Defense’s (DoD’s) decision-support system described as: “this is the process by which the Department of Defense (DoD) identifies, assesses and prioritizes the capabilities the military requires to fulfill its mission and is often referred to as the requirements generat...

TEST BANK FOR MICROECONOMICS 7TH EDITION By jeffrey M. Perloff - ComPlete All Chapters (VERIFIED) Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource theory. Answer: A Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 3) Most microeconomic models assume that decision makers wish to A) make themselves as well off as possible. B) act selfishly. C) make others as well off as possible. D) None of the abo...

ECON 100 QUESTIONS AND ANSWERS WITH CERTIFIED SOLUTIONS What is economics? A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" The "invisible hand" means that the division of labor and exchange occur naturally among people without being directed by anyone. What is the root of exchange behavior? Human natural tendency toward division of labor to gain efficiency. Division of labor and exchange are human tendencies to enhance ...

Differences between macroeconomics and microeconomics correct answers Microeconomics -deals with the micro unit of economy such as individual consumer, producer or specific industry Macroeconomics -deals with the macro picture of the whole economy The fundamental problem of economics is. correct answers Scarcity -Lack of enough resources to satisfy all desired uses of those resources. The basic factors of production include. correct answers Land -all natural resources Labor ...