The government must decide which goods to produce: military goods or consumer goods. This choice is commonly referred to as _____.         "scarcity"         "tools or food"         "guns or butter"         "mac and cheese"

Q: In the health care market, Multiple Choice demand has increased relative to supply. O supply has…

A: Market dynamics in health care are influenced by various factors including demographic changes,…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: January 2021, came with hope, as vaccines arrived. The countries started unlocking cities like…

A: Sorry as per our policy we only answer 1 question with 3 sub parts and the (C) part is not related…

Q: Based on the information provided to you, name at least two scarce resources that were probably used…

A: Scarce resources are those economic resources that are available in limited quantity but have…

Q: Which of the following statements is considered a market-value definition? a) We make railroads. b)…

A: Answer:-    Market value definition is all about the value that a particular product or service is…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume f

A: i) With good harvest, the supply of sugar cane will increase. Sugar cane market: Due to increase in…

Q: In a market economy, what mechanism determines the price and quantity of goods sold? A) Government…

A: The issue is to distinguish the system in a market economy that normally lays out the costs and…

Q: The act of using goods and services to satisfy the human wants is known as ______

A: According to the given question In Economics human wants are generally classified as that type of…

Q: What is the relationship between scarcity and shortage, as economists use the terms? O Scarcity…

A: Scarcity means there are limited resources available in the economy that are not sufficient to…

Q: A popular bakery has only a few ingredients left to make their products. They could bake muffins or…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the economic…

Q: the degree of change in demand or supply due to the change in its determinants

A: The demand and supply are the two sides of the market. The demand and the supply in the market would…

Q: QUESTION 18 The very foundation of economics is O scarcity and choice O supply and demand O money…

A: Option A ie Scarcity and Choice Human wants are unlimited but means to satisfy these wants are…

Q: Classify the following as microeconomics or macroeconomics and provide a justification for your…

A: In any case, it is important to understand the distinction between microeconomics and…

Q: Good which are supposed to be used together to satisfy a want or need are called___________

A: # Few goods can be used in place of each other and few foods are supposed to be used together to…

Q: In the basic supply-and-demand model, a buyer only purchases a good when?    if the price is lower…

A: The demand and supply model shows the relationship between the selling quantity of products and…

Q: how unreflective consumption of goods - in this case, sugar - affect your journey towards the good…

A: How unreflective consumption of goods - in this case, sugar - affect your journey towards the good…

Q: In a market economy, decisions are guided by individual self-interest. What impact does this have?…

A: A market economy is an economic system in which supply and demand determine how goods and services…

Q: Goods which can be used on place of each other are called __________ goods

A: Depending upon the cross price elasticity of goods, goods can be of two types:- (A) Complementary…

Q: Goods that satisfy humans wants though their direct use or consumption are called _______?

A: According to the given question In simple words the consumption in economics is basically known as…

Q: Which statement best describes the role of consumers in economics? They provide wide range of…

A: Economics is a kind of social science that deals with the shortage or scarcity of resources in an…

Q: Which of the following is not correct? Group of answer choices The value of the economist’s language…

A: The value of the economist’s language lies in its ability to provide you with a new and useful way…

Q: TRUE OR FALSE?   An improvement in the technology will reduce the supply of goods while an increase…

A: FACTORS THAT SHIFT SUPPLY CURVE Favourable natural conditions Fall or rise in input cost (cost of…

Q: Scarcity means what?           time and resources spent researching a cure for breast cancer are…

A: Scarcity is a fundamental concept in economics and decision-making, highlighting the limited nature…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: What examples do you have of goods or services that are both consumer goods and resources depending…

A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…

Q: curve that shows various combinations of two goods that a country can produce when all of the…

A: Economics is a social science which deals with efficient allocation of resources because resources…