Goods and services are scarce because resources are scarce
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
Expert
Goods and services are the product of resources. If resources were abundant without limit, then we would not have a scarcity of the products they produce.
Economic problems are problems of relative scarcity—wants exceed resources in the relative sense. We cannot absolutely solve all of our economic problems; i.e. gratify all of everyone’s wants and needs. If all our wants were absolutely fulfilled, anything would not have a price—why pay for anything if you’ve got everything already? And if there were no unfulfilled wants there would be no economic resources—why pay for an input when you’ve got all the outputs you could ever need? The fact which totally free services and goods do not exist provides support for the notion that total fulfillment of our wants is impossible.
Question: A country with a fixed or managed exchange rate would consider i.___________________ its currency to gain competitive advantage vis-à-vis its trade
Describe GDP gap and Okun’s Law?
Speculation is unlike arbitrage since: (1) speculative buyers always break even. (2) speculation causes increased costs. (3) speculators bear no risk. (4) positive returns for speculators are not sure. (5) competitive speculation equa
Elucidate the use of money as a medium of exchange in Market System?
Intermediaries do not classically: (w) reduce transaction costs. (x) absorb risk. (y) try to make profits. (z) cause prices to be more volatile. I need a good answer on the topic of Economic problems. Please give m
Question: For a freely floating currency, currency i.____________________ occurs when the market value of a country's currency rises relative to the value of another country's currency, while currency ii.__________
Distinguish between a change in supply and a change in the quantity supplied?
When no one can gain unless someone else loses, in that case current arrangements are: (w) economically efficient. (x) not optimal. (y) inequitable. (z) the best cure for scarcity. Can someone explain/help me with best solution abo
Illustrate the Public Sector Government’s Role of providing the legal structure?
Give a brief introduction of the term Cost of capital?
18,76,764
1948789 Asked
3,689
Active Tutors
1428290
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!