--%>
Assignment Help - homework help

If resources were unlimited and freely available

Explain this statement:  “If resources were unlimited and freely available, there would be no subject called economics.”

E

Expert

Verified

If resources were unlimited and freely available, making choices would not be necessary.  Every person could have as much as they wanted of any good or service.  Science of choice should be unnecessary in Economics.

   Related Questions in Business Economics

  • Q : Distinguish between allocative

    Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?

    		•
  • Q : Elucidate state expenditures and

    Elucidate state expenditures and receipts for all states in 1998?

    		•
  • Q : Illustrate 2nd function to promote and

    Illustrate the 2nd function to promote and maintain competition?

    		•
  • Q : Innate psychological attributes of

    As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested

    		•
  • Q : Demand Q X= 600- 6PX + 20I +0.4PY c.

    Q X= 600- 6PX + 20I +0.4PY c. Suppose PX increases by 10%, by what percentage would sales decrease? Explain how this price increase affect total revenues from good X.

    		•
  • Q : Heterodox approach for more production

    From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?

    		•
  • Q : Next Generation Manufacturing Strategy

    This Assignment assesses the following module Learning Outcomes:1. Describe current production concepts and techniques in formulating a manufacturing strategy.2. Discuss the development and implementation of manufacturing strategies in the busi

    		•
  • Q : Importance of rationally optimal

    Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (

    		•
  • Q : Freedom is to some extent illusory

    Illustrate “freedom is to some extent illusory”?

    		•
  • Q : Divergences arise between equilibrium

    What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?

    		•