Which best describes what labor directly contributes to production?
Human effort and ideas drive production
. Which is a question that must be answered before production can take place? How is production to be organized?
What activities is most essential to the game of economics?
This chapter introduces you to the basic concepts that underlie the study of economics. The four essential economic activities are
resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services.
Which explains why scarcity is a basic fact of life?
If you look around carefully, you will see that scarcity is a fact of life. Scarcity means that
human wants for goods, services and resources exceed what is available
. Because these resources are limited, so are the numbers of goods and services we produce with them.
Which is not essential to the game of economics?
Which is not essential to the game of economics? …
There are different and incompatible economic goals
.
Which best explains why resources need to be allocated in the game of economics?
Which best explains why resources need to be allocated in the game of economics?
There are not enough resources to produce all of the goods and services that everyone wants.
Which of the following best explains why players in the game of economics are often in conflict?
Which best explains why players in the game of economics are often in conflict with each other?
Some economic goals are incompatible with each other
. Which question must be asked about the use of resources in an economic system? … Which of these is the most important in a free-market system?
Why is labor a scarce resource?
Resources, such as labor, tools, land, and raw materials are
necessary to produce the goods and services we want but they exist in limited supply
. … Because these resources are limited, so are the numbers of goods and services we produce with them.
Which of the following explains why scarcity is basic fact of life apex?
Which explains why scarcity is a basic fact of life?
Demand will always be greater than supply
. Which is a question that must be answered before production can take place? … Energy from the environment fuels production.
Which of the following best explains why the game of economics does not have a single goal?
The statement that best explains why the game of economics does not have a single goal is “
Different people want different things out of life.
Which is an example of a production decision?
Which is an example of a production decision?
An assembly line is used to build cars
. … No matter how much supply is produced, people’s demands will always increase to exceed supply.
Which kind of economic system does a capitalist country have?
Answer and Explanation: A capitalist country employs
a free market economic system
where the resources and means of production are owned and controlled by the private sector.
Why do consumers benefit directly from greater productivity?
Why do consumers benefit directly from greater productivity?
Older devices are replaced with newer versions more and more quickly
. Fewer workers are needed to produce more goods and services. Goods and services are produced faster and can be sold more cheaply.
Which is not a goal pursued in the game of economics?
Which is not a goal pursued in the game of economics? …
The available resources cannot be used to pursue every goal
that each individual has.
Which of the following best explains why the game of economics Cannot eliminate scarcity?
Which best explains why the game of economics cannot eliminate scarcity?
No matter how much supply is produced, people’s demands will always increase to exceed supply.
Which of the following best explains why minimizing costs is a rational way to make decisions?
Which best explains why minimizing costs is a rational way to make decisions?
Paying a cost means doing without something good or accepting something
bad. The maximum benefit can only be obtained by paying the lowest cost possible. All costs lead to benefits that outweigh the costs.
Which of the following best explains why the profit motive often leads to efficiency and innovation?
Which best explains why the profit motive often leads to efficiency and innovation?
The competition to make profit drives producers to eliminate waste.
Which of the following best explains why goals are necessary for making allocation decisions?
Which of the following best explains why goals are necessary for making allocation decisions?
The available resources cannot be used to pursue every goal that each individual has
. … There are not enough resources to produce all of the goods and services that everyone wants.
What is the difference between labor as a resource and entrepreneurship as a resource?
In economics, labor refers to the physical work done to produce goods or services and entrepreneurship refers
to the innovations devised to produce goods or services
. This is the essential difference between the two.
Socialism is an economic and political system based on public ownership of the means of production.
All legal production and distribution decisions are made by
the government in a socialist system. The government determines all output and pricing levels.
What are the 4 factors of production?
Economists divide the factors of production into four categories:
land, labor, capital, and entrepreneurship
. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.
What produce to produce for whom to produce?
(3) For whom to produce. ADVERTISEMENTS: In nutshell, an economy has to allocate its resources and choose from different potential bundles of goods (What to produce), select
from different techniques of production
(How to produce), and decide in the end, who will consume the goods (For whom to produce).
What are the causes of scarcity?
In economics, scarcity refers to resources that a limited in quantity. There are three causes of scarcity –
demand-induced, supply-induced, and structural
.
What is demand-induced scarcity?
Demand-induced scarcity:
Population growth or increasing consumption levels decrease the amount of limited natural resources available to each individual
. … Structural scarcity: Unequal access to natural resources in a given society makes them scarce for large segments of the population.
How does scarcity affect your daily life?
Scarcity
increases negative emotions
, which affect our decisions. Socioeconomic scarcity is linked to negative emotions like depression and anxiety. viii These changes, in turn, can impact thought processes and behaviors. The effects of scarcity contribute to the cycle of poverty.
Which of the following best explains why the game of economics?
Which of the following best explains why the game of economics is about setting goals as much as it is about making allocation decisions? There
are different and incompatible economic goals
. It’s unnecessary to have a goal to make allocation decisions. Making allocation decisions requires information and resources.
Why economics is about the allocation of resources for the production and distribution of goods and services?
One way to define economics using these words is to say that economics is the study of the
allocation of limited resources
to the production and distribution of goods and services that are produced in order to try to satisfy people’s unlimited needs and wants. … Resources are limited.
What is meant by production decision?
By the production decision we mean
the short-run decision taken
.
in the individual firm about the level of output in the forthcoming
.
planning period
.
What are major product decisions?
Production decisions. … The main elements to consider are the
production process itself, specifications, culture, the physical product, packaging, labelling, branding, warranty and service
.
Which of the following is not a economic goal?
survival. Answer.
Fair remuneration to employees and Planting trees at the roadside
are not economic objectives of a business. ( Explanation: Planting tress at the roadside and fair remuneration to employees does not come under category of economic objectives of a business.
What is studied by economists to understand how resources are used?
Econ. …
Economics
is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.
What is production decision?
Production Decision means
a decision by the Management Committee to commence Development and put the Properties into production
.
Which Cannot be done by the government in a command economy?
Which of the following cannot be done by the government in a command economy?
Deciding what goods consumers buy
. Which of the following must be a feature of an activity for it to be a game?
Who makes the important economic decisions in a free market economy?
One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by
buyers and sellers
, not the government.
Why is capitalism the best economic system?
Capitalism is the greatest economic system because
it has numerous benefits and creates multiple opportunities for individuals in society
. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
A socialist economy is
a system of production where goods and services are produced directly for use
, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). “Production under socialism would be directly and solely for use.
What are the 4 main types of economic systems?
- Pure Market Economy.
- Pure Command Economy.
- Traditional Economy.
- Mixed Economy.
Which of the following is the most direct benefit that consumers enjoy as a result of online sales?
Which is the most direct benefit to consumers from the internet?
It is easier to compare prices
.
Which of the following is one way that technology can improve productivity?
Which is one way that technology can improve productivity?
Machines replace workers, reducing production costs
.
Which is a benefit brought to consumers by online sales?
For consumers, it provides
a useful and convenient platform to buy an enlarged set of products and services from more vendors at presumably better prices
. Consumers can use search engines and price comparison sites, which significantly reduce search costs, to find and compare many different offers for the same product.
Which of the following best explains why the game of economics does not have a single goal?
The statement that best explains why the game of economics does not have a single goal is “
Different people want different things out of life.
Which of the following best explains why players in the game of economics are often in conflict?
Which best explains why players in the game of economics are often in conflict with each other?
Some economic goals are incompatible with each other
. Which question must be asked about the use of resources in an economic system? … Which of these is the most important in a free-market system?
Which best explains why resources need to be allocated in the game of economics?
Which best explains why resources need to be allocated in the game of economics?
There are not enough resources to produce all of the goods and services that everyone wants.
