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

WGU - D089 - Principles of Economics (2023/2024) Rated A Macroeconomics A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity The basic economic problem; the gap between limited, scarce , resources and theoretically l...

Intermediate Accounting Exam 1 & 2 || With Questions & Answers (100% Accurate) Intermediate Accounting Exam 1 & 2 || With Questions & Answers (100% Accurate) The balance sheet, the income statement, the statement of cash flows, and the statement of owners' or stockholders' equity. - ANSWER - What are the four main financial statements? Accounting provides relevant, reliable, and timely information to managers, investors, and creditors to allow resource allocation to the most efficient e...

What is economics? correct answers A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" correct answers 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? correct answers Human natural tendency toward division of labor to gain efficiency. Division of labor and exchange are human tendencies to enhance on...

BPL Chapter 3 Test Questions and Answers How is a resource valuable? - Answer-when they enable a firm to formulate and implement strategies that improve its efficiency or effectiveness. What are environmental models? - Answer-they isolate firm attributes that exploit opportunities and or/neutralizes threats. it specifies what firm attributes may be considered as resources. Resource based model - Answer-suggests what additional characteristics these resources must possess if they are able ...

Why is economics valuable for managers? correct answers 1. Economics helps managers focus on key issues. 2. Economics outlines strategies for realizing goals given the available resources. 3. Economics gives managers ground rules for strategic decision making. 4. Economics gives managers a framework making sense out of costs. 5. Economics gives managers a framework for thinking about value. 6. Economics sensitizes managers to fundamental ideas that affect the operations of every organizatio...

ECON exam 1 questions & answers 2023-24 What is economics? - ANSWER-the study of how people use their scarce resources to satisfy their unlimited wants Define land, labor, capital, and entrepreneurial ability. Name the payment for each of these resources. - ANSWER-Labor: Physical and mental effort used to produce goods and services. Payment is in wages to resource owners for their labor. Land: all the gifts of nature used to produce goods and services. Renewable and exhaustible. Payme...

Principles of Microeconomics Exam Questions And Answers (Verified And Updated) Scarcity - answera situation in which unlimited wants exceed the limited resources available to fulfill those wants shortage - answera situation in which the quantity demanded is greater than the quantity supplied microeconomics - answerthe study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices macroeconomics - answerthe study o...

Because people's wants are unlimited but resources are scarce, Ans: choices must be made In economics, capital is define as Ans: the natural, unskilled abilities of people The labor market is an example of a Ans: resource market In macroeconomics, we analyze Ans: the overall performance of the economy as a whole An economic model Ans: is a simplification of the real world The basic purpose of economic models is to Ans: provide explanations for, and predictions of, economic events Ec...

A country's infrastructure refers to its correct answers public capital goods such as highways Scarcity correct answers *Wants exceed resources* - All resources are scarce so all goods are scarce - Scarcity is the reason we study economics All societies face a trade-off for every decision for what reason? correct answers Resources are scarce Human Capital correct answers The training and education of workers Economics correct answers Study of how individuals make decisions to use ...

LEGL 2700 TEST 3 Exam Actual Real Set Questions With Revised Correct Answers | Passed!! What is the Role of Scarcity in our economy? - Answer --the demand/need for resources is higher than their supply What is the role of property within a state controlled/communist government? - Answer - -almost all resources are controlled and allocated by the government -each citizen is required to produce according to their ability level and share according to the needs of others -shown to be less...