Why are all resources considered scarce?

Q: With countless people competing for the same resources, how do we determine who gets the resources?

A: Economics(e) is the study of how limited-resources with alternative-uses are allocated to different…

Q: A point inside a production possibilities frontier?

A: Production Possibility Frontier: It refers to the graphical representation of various possible…

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Explain how markets can allocate resources in a way that they go to those who value them the most.

A: Prices are important in resource allocation. There are benefits and drawbacks to using the price…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: Is real estate BEST viewed as a commodity or a resource? Defend your position on why?

A: According to me, real estate is viewed as a resource not as a commodity. This is because a commodity…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: What is the difference between scarcity and poverty?

A: Poverty:Poverty refers to the economic situation of the people in which they are not able to afford…

Q: What are some examples of a command economy? Market Economy?

A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…

Q: What makes markets efficient?

A: When the market's outcome is desirable, the market is considered to be efficient. But if the…

Q: Your time is a scarce resource. What if the quantity of time were increased, say to 48 hours per…

A: Scarcity:Scarcity refers to the basic economic problem that arises because resources (including…

Q: t might happen to the cost of a resource as it becomes scarce

A: Equilibrium(E) refers to the situation where quantity(Q) demanded equals quantity(Q) supplied. The…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: What is scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: What markets trade economic resources, list and define each market

A: Economic resources include land, labor and capital. All the markets that provide these resources are…

Q: What is the opportunity cost of increasing the number of movies produced?

A: Opportunity cost refers to the given up benefits to obtain some other benefits.