--%>

Illustrate Scarcity and choice of Economic Perspective

Illustrate Scarcity and choice of Economic Perspective?

E

Expert

Verified

1. Resources can only be used for one purpose at a time.

2. Scarcity requires that choices be made.

3. The cost of any good, service, or activity is the value of what must be given up to obtain it. ( opportunity cost ).

   Related Questions in Business Economics

  • Q : Producers on the best combinations of

    How did producers decide on the best combinations of resources to use?  Who made these resources available, and why?

  • Q : Define the term Abstractions in

    Define the term Abstractions in economics?

  • Q : Adopting policy of paying efficiency

    The expected losses to workers by shirking are increased while a firm adopts a policy of: (1) dividing productive tasks therefore the division of labor is optimal. (2) paying efficiency wages that exceed market-clearing wages. (3) avoiding legal liability from not wri

  • Q : Which type of maximization required in

    Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output produced for a given total cost. (iv) satisfaction atta

  • Q : How can we evaluate cost of capital How

    How can we evaluate cost of capital?

  • Q : Define Operating income approach

    Describe briefly Operating income approach?

  • Q : Problem on private resource ownership

    Relative to most of the other countries, the United States encompasses historically relied more greatly on: (1) Public resource ownership and private income distribution. (2) Decentralized decision making and private resource ownership. (3) Exports of textiles, automo

  • Q : Current Account captures international

    Question The Current Account captures international fund flows due to net income on (past) investments, net transfers, and i._______________________________, general

  • Q : Argument by Adam Smith for a true

    Within the Wealth of Nations, argument by Adam Smith such that a nation’s true wealth is its capability to: (1) obtain stocks of financial capital. (2) inspire its people’s courage and diligence. (c) give

  • Q : Free rider problem Question: Explain

    Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good. Answer: