How should production be organized? Explanation: In order to turn the resources into the products, the question
relates to how the production of the goods and services should be organized and in what manner they have to be kept with an objective to availability for
the future uses.
What is the first question that needs to be answered when organizing an economy?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by
consumers as they spend their money
.
Which question must be answered in order to turn resources into products?
How should production be organized? Explanation: In order to turn the resources into the products, the question
relates to how the production of the goods and services should be organized and in what manner they have to be kept with an objective to availability for
the future uses.
Which question must be asked about the use of resources in an economic system?
the answer is: What is
the most effective allocation
?
What is one way that land contributes to production?
Which of the following is one way that land contributes to production? …
Energy from the environment fuels production
.
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.
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.
What are the three basic questions every society has to answer?
As a result of scarce resources, societies must answer three key economic questions: –
What goods and services should be produced?
– How should these goods and services be produced? – Who consumes these goods and services?
What are the three essential economic questions?
- What to produce? ➢ What should be produced in a world with limited resources? …
- How to produce? ➢ What resources should be used? …
- Who consumes what is produced? ➢ Who acquires the product?
Why is economics 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.
Which of the following is a basic question that must be answered in resource allocation?
THREE QUESTIONS OF ALLOCATION: The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What?
How? and For Whom
? The basic problem of scarcity requires every society to determine: What goods to produce?
Which characterizes the free market system as consumers influence?
Which characterizes the free-market system as consumers influence producers and producers influence consumers? … Consumers and producers
influence each other in a circular fashion
. Profits flow in a circular way back and forth between different producers.
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.
What are the 7 factors of production?
= h [7]. In a similar vein, Factors of production include
Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise
[8].
What are the four factors of production mention their rewards?
When factors are used they earn a reward called a factor ‘income'. Factor incomes are:
rent, wages, interest and profit
. In basic economic theory, the more scarce and essential the factor the greater the reward. Factors can be substituted when possible, and this affects the relative reward.
What are the 4 factors of economic growth?
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.
