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.
Economic efficiency for society needs which the: (i) opportunity costs of all goods be at their lowest possible values. (ii) maximum probable benefits are acquired for given costs. (iii) greatest possible net benefits are squeezed through available re
Write short note on Markets?
Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological
Describe the merits of “roundabout” production? Describe the term “division of labor”?
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
How important is international trade to the U.S. economy? In terms of volume, does the United States trade more with industrially advanced economies or with developing economies? What country is the United States’ most important trading partner, quantitati
Define the term Weak-form market efficiency. Explain briefly.
need urgent help in business economics, please suggest
Elucidate redistribution of income?
Explain the volume and pattern of U.S. and World Trade?
18,76,764
1939070 Asked
3,689
Active Tutors
1449242
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!