Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 1.2, Problem 1ST
To determine
Identify if the statement is true or false.
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Economics is the study of scarcity choice and optimal utilization of resources. Explain?
Note: The solution should not be hand written.
Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost." Your grandma does not understand the economic concept of: A) scarcity. B) efficiency. C) opportunity cost. D) marginal analysis.
Explain the concept of scarcity in general and further indicate how this is critical to the success of a business.
Chapter 1 Solutions
Economics (MindTap Course List)
Ch. 1.2 - Prob. 1STCh. 1.2 - Prob. 2STCh. 1.2 - Prob. 3STCh. 1.3 - Prob. 1STCh. 1.3 - Prob. 2STCh. 1.3 - Prob. 3STCh. 1.4 - Prob. 1STCh. 1.4 - Prob. 2STCh. 1.4 - Prob. 3STCh. 1.4 - Prob. 4ST
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - Prob. 5QPCh. 1 - Prob. 6QPCh. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - Prob. 9QPCh. 1 - Prob. 10QPCh. 1 - Prob. 11QPCh. 1 - Prob. 12QPCh. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - Prob. 15QPCh. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Prob. 18QPCh. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 1WNGCh. 1 - Prob. 2WNGCh. 1 - Prob. 3WNG
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- Which of the following best defines scarcity? multiple choice Having unlimited wants. Wanting more than we can obtain with limited resources. Having infinite wants and infinite resources. Having a finite number of resourcesarrow_forwardWhich statement about scarcity is true? All things are essentially scarce. Scarcity has little effect on price. Only natural resources can be considered scarce. Few products are actually scarce. Scarcity has little bearing on supply and demand.arrow_forwardDefine the concept of scarcity. Explain the significance of this concept in relation to the concept of opportunity cost. Is opportunity cost and sacrifice the same thing? Would you say that a sacrifice represents the cost of a particular decisionarrow_forward
- Which statement best describes how scarcity is an important part of business economics? Scarcity permits consumers to establish the cost at which producers will manufacture goods. Scarcity forces consumers and producers to consider the opportunity costs of decisions. Scarcity forces producers to reduce supply to meet consumer demand. Scarcity allows consumers and producers to avoid distinguishing between needs and wants.arrow_forwardExplain Scarcity and why it exist. also give examplesarrow_forwardHow does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.arrow_forward
- Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services. True or falsearrow_forwardExplain what the idea of scarcity is:arrow_forwardScarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.arrow_forward
- REFLECTIONDirections: Read the article below . Then , discuss how the economic program of the government administration puts solution to the problem of scarcity in the country.Write your answer in a reflective way.arrow_forwardDiscuss the concept of scarcity and choice 2. Scarcity is the condition of finite resource trus/false ( explain your answer )arrow_forwardWhat are the aims of science as a cognitive enterprise?arrow_forward
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