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. It could sound strange, but not everybody wants to be rich and famous
. In life, many people want different things. So in economics, goals are not compatible with all the people.
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 the game of economics is about setting goals as much as it is about making allocation decisions?
Which of the following best explains why the game of economics is about setting goals as much as it is about making allocation decisions? …
It's unnecessary to have a goal to make allocation decisions
. Making allocation decisions requires information and resources.
Which of the following best explains why players in the game of economics?
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 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 explains why scarcity Cannot be eliminated?
Which explains why scarcity cannot be eliminated?
No matter how much is produced, people will always want more.
Which best describes what labor directly contributes to production?
No matter how much is produced, people will always want more. Which best describes what labor directly contributes to production?
Human effort and ideas drive production
.
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 question must be asked about the use of resources in an economic system?
the answer is: What is
the most effective allocation
?
Which of the following best explains why competition is an important part of a free-market system?
Which best explains why competition is an important part of a free-market system?
Without competition, people wouldn't have a lot of choices.
… Individuals need to own resources in order to make free choices.
Which groups of players make all of the economic decisions?
A command economy is where
a central government
makes all economic decisions. Either the government or a collective owns the land and the means of production. It doesn't rely on the laws of supply and demand that operate in a market economy.
What describes a mixed economy?
A mixed economic system is
a system that combines aspects of both capitalism and socialism
. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
Which economic indicator can show whether a country's economy is growing or stagnating?
Economists and statisticians use several methods to track economic growth. The most well-known and frequently tracked is
the gross domestic product (GDP)
.
What are the common features of all games the common features of all games?
- All Games Have a Goal. When Suits speaks of “a specific state of affairs,” he is referring to the goal of the game. …
- All Games Have Rules. …
- All Games Have Restrictions. …
- Games Require the Acceptance of Rules by the Players.
Which is another term for a planned economy?
What is a Centrally Planned Economy? A centrally planned economy, also known as
a command economy
, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.
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.
