Some examples of limited resources include
coal, nuclear, natural gas, metal ores and oil
. Limited resources are basically those resources that take a relatively long time to replenish. Unlimited resources or renewable resources, such as water, wind and soil, are the opposite of limited resources.
What is the fundamental problem producers and consumers face services scarcity resources?
Answer: Explanation: The fundamental problem producers and consumers face is
scarcity
. The term scarcity denotes the economic problem that societies do not have enough productive resources to produce everything people want.
Which of the following are examples of limited resources on the part of consumers?
Time and money
are examples of limited resources on the part of consumers. Explanation: The essential monetary issue of shortage is that there are restricted assets of an item or a crude material that is required to make products. The ramifications of shortage are that individuals should abandon the item that is rare.
What fundamental problem producers and consumers face?
The fundamental problem that both producers and consumers face is
scarcity
. The scarcity is the lack of basic resources such as water, food, energy, housing, etc., which are considered fundamental to satisfy survival or non-basic resources that meet different needs in human societies in several aspects.
What would affect the price a consumer is willing to pay for a newer version of a laptop computer?
Based on the lesson, what would most affect the price a consumer is willing to pay for a newer version of a laptop computer? …
sufficient products to meet consumer wants
. Every economic decision has. a consequence or tradeoff.
Which of the following is the best example of limited resources?
Time and money
are examples of limited resources on the part of consumers. Explanation: The essential monetary issue of shortage is that there are restricted assets of an item or a crude material that is required to make products.
Why are resources limited?
The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. … Because these resources are limited, so are the
numbers of goods and services we can produce with them
.
Is the study of how goods and services are produced distributed and consumed?
Economics
is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.
Which statement best describes the impact of scarcity?
Answer Expert Verified The best way to describe the impact of scarcity would be
when consumers must pay for higher prices for many items
. This is a situation where there are unlimited wants have fully exceeded all of the limited resources.
Which activity would a consumer most likely?
Which activity would a consumer most likely perform?
sufficient products to meet consumer wants
. You just studied 10 terms!
What forces businesses industries and governments to make decisions?
What forces businesses, industries, and governments to make decisions?
consequences
.
What individual is a producer?
A producer is
someone who creates and supplies goods or services
.
How are individuals and economies similar?
Based on the lesson, how are individuals and economies similar?
They both must decide how to allocate resources
. They both must carefully categorize available resources. … They both must decide how to allocate resources.
What are the 7 factors that cause a change in supply?
The seven factors which affect the changes of supply are as follows: (i) Natural Conditions (ii) Technical Progress
(iii) Change in Factor Prices (iv) Transport Improvements
(v) Calamities (vi) Monopolies (vii) Fiscal Policy.
What are the five factors that shift supply?
There are a number of factors that cause a shift in the supply curve:
input prices, number of sellers, technology, natural and social factors, and expectations
.
What are the 6 factors that affect supply?
- Price of the given Commodity:
- Prices of Other Goods:
- Prices of Factors of Production (inputs):
- State of Technology:
- Government Policy (Taxation Policy):
- Goals / Objectives of the firm:
