--%>
Assignment Help - homework help

Society material wants are scarce resources

Explain the foundation of economics where society’s material wants are scarce resources?

E

Expert

Verified

The foundation of economics is the economizing problem where society’s materials wants are scarce resources (the second fundamental fact) are:

1. Economic resources are limited relative to wants.

2. Economic resources are sometimes called factors of production and include four categories:

a. Land or natural resources.

b. Capital or investment goods which are all manufactured aids to production such as equipment, transportation, factories, tools etc.

c. Labor or human resources, which include physical and mental abilities used in production.

d. Entrepreneurial ability, a special kind of human resource that provides four important functions:

i. Combines resources needed for production,

ii. Formulate policy resolutions of a business,

iii. Is an innovator for new products, production techniques, organizational forms,

iv. Bears the risk of effort, funds as well as time.

   Related Questions in Business Economics

  • Q : Introduction of the term Cost Principle

    Give a brief introduction of the term Cost Principle ?

    		•
  • Q : Circular flow model of the private

    I have a problem in economics on Circular flow model of the private sector. Please help me in the following question. The simple circular flow model of private sector doesn’t comprise: (i) Firms. (ii) Product markets. (iii) Government agencies.

    		•
  • Q : Positive Balance of Payments Question:

    Question: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments." Briefly comment on this

    		•
  • Q : Cornerstone of typical economic theory

    The cornerstone of typical economic theory derived through the work of Jeremy Bentham was the perception of (i) the wages fund. (ii) natural checks on population. (iii) increasing cost. (iv) utility. (v) surplus value.

    Q : Factors of production and the method

    Who owns the factors of production and the method used to coordinate economic activity?

    		•
  • Q : Assertion for the levying of a tax on

    Use the circular flow model to confirm this assertion for the levying of a tax on air polluters?

    		•
  • Q : Costs for a firm Question:  (a)      

    Question:  (a)       Complete the following table of costs for a firm.  (Note: enter the figures in the MC  column between outputs of  0 and 1, 1 and 2, 2 and 3, etc.) 

    		•
  • Q : Parking meters may yield little or no

    Explain: “Even though parking meters may yield little or no net revenue, because of the rationing function they perform nevertheless be retained”

    		•
  • Q : What are the limitations of Circular

    What are the limitations of Circular Flow Model?

    		•
  • Q : Individual sellers and buyers in

    Both individual sellers and buyers within perfect competition: w) can affect the market price through their own individual actions. x) can affect the market price by joining along with some of their competitors.  y) have to take the market price as a specified. z

    		•