Scarcity results in - Study guides, Class notes & Summaries

economics correct answers the study of how people make choices under conditions of scarcity and of the results of those choices for society rational person correct answers someone with well-defined goals who tries to fulfill those goals as best as he or she can economic surplus correct answers the benefit of taking any action minus its cost opportunity cost correct answers the value of the next-best alternative that must be foregone in order to undertake the activity positive economi...

Summary Edexcel A-Level Economics revision notes 1.1 Scarcity, choice and potential conflicts 1.1.1 The Economic Problem The problem of scarcity is when there are finite resources but unlimited demand. This means that choices have to be made and resources have to be distributed and used optimally. Scarcity – The shortage of resources in relation to the quantity of human wants. – Insufficient resources to supply everyone’s needs and wants. Scarcity causes opportunity cost. ...

Which of the following are the main processes that lead to team effectiveness? a. Effort, knowledge, and strategy b. Team output, team growth, individual learning c. Resources and systems, nature of tasks, and team composition correct answers a. Effort, knowledge, and strategy In today's environment, research shows that managers and team leaders spend relatively little time dealing with conflicts. True False correct answers False There are six different principles of persuasion. ...

BBA Major Field Exam - Business With Questions And Answers Scarcity and Choice Human wants and needs are unlimited and resources to satisfy them are limited. Choices must be made between the possible alternatives 3 Questions every economy must answer What to produce? How to produce it? For whom it is produced? 3 Questions What to produce? Have to evaluate more than just needs. Involves the wants and needs of individuals. 3 Questions How to produce it? Center upon the meth...

CHAPTER Version A I. True or _________ 1. _________ 2. _________ 3. _________ 4. _________ 5. known as suppliers. II. Write down the letter of the answer that best answers the question or completes the statement. _________ 6. The term VFR travel refers to: A. Visiting Friends and Relatives B. Very Frequent Reservations C. Very Favorable Restrictions D. Trick question: VFR refers to nothing _________ 7. Which of the following is not a sector of the travel industry? A. Corporate t...

Summary Edexcel A-Level Economics revision notes 1.1 Scarcity, choice and potential conflicts 1.1.1 The Economic Problem The problem of scarcity is when there are finite resources but unlimited demand. This means that choices have to be made and resources have to be distributed and used optimally. Scarcity – The shortage of resources in relation to the quantity of human wants. – Insufficient resources to supply everyone’s needs and wants. Scarcity causes opportunity cost. ...

Summary Edexcel A-Level Economics revision notes 1.1 Scarcity, choice and potential conflicts 1.1.1 The Economic Problem The problem of scarcity is when there are finite resources but unlimited demand. This means that choices have to be made and resources have to be distributed and used optimally. Scarcity – The shortage of resources in relation to the quantity of human wants. – Insufficient resources to supply everyone’s needs and wants. Scarcity causes opportunity cost. ...

Scarcity and Choice - CORRECT ANSWER Human wants and needs are unlimited and resources to satisfy them are limited. Choices must be made between the possible alternatives 3 Questions every economy must answer - CORRECT ANSWER What to produce? How to produce it? For whom it is produced? 3 Questions What to produce? - CORRECT ANSWER Have to evaluate more than just needs. Involves the wants and needs of individuals. 3 Questions How to produce it? - CORRECT ANSWER ...

ECON-211 Exam #1 Economics - Definition: - ️ Social science concerned with using scarce resources to obtain the maximum satisfaction of the unlimited material wants of society. Three Features of Economics 1. ️ Scarcity and Choice 2. ️ Purposeful Behavior 3. ️ Marginal Benefits & Costs Definitions and Concepts - Scarcity: - ️ The conflict between relatively unlimited wants vs. relatively limited resources. - Impact of Scarcity: - ️ Restricts options and demands choices...

1-1 - Scarcity results from the fact that A. People's wants exceed the resources available to satisfy them. B. Not all goals are desirable. C. We cannot answer the major economic questions. D. Choices made in self-interest are not always in the social interest. E. The population keeps growing. - ANSWER A. People's wants exceed the resources available to satisfy them. 2 All economic questions and problems arise from- - ANSWER 1-2 - All economic questions and problems arise from A. ...