--%>

If resources were unlimited and freely available

Explain this statement:  “If resources were unlimited and freely available, there would be no subject called economics.”

E

Expert

Verified

If resources were unlimited and freely available, making choices would not be necessary.  Every person could have as much as they wanted of any good or service.  Science of choice should be unnecessary in Economics.

   Related Questions in Business Economics

  • Q : Real rate of interest Question: Hubbard

    Question: Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  • Q : Determine opportunity cost of making an

    The opportunity cost of making an exact alternative is: (i) useful primarily as an indicator of relative prices. (ii) its nominal costs into terms of all other goods. (iii) the information which guides your decision. (iv) measured through the subjecti

  • Q : Current Account captures international

    Question The Current Account captures international fund flows due to net income on (past) investments, net transfers, and i._______________________________, general

  • Q : How demand is influenced by price

    Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.

  • Q : Define cyclical fluctuations Define

    Define cyclical fluctuations?

  • Q : Major type of expenditure at the state

    What is the most important source of revenue and the major type of expenditure at the state level?  

  • Q : What are the 4 phases of the business

    What are the 4 phases of the business cycle?

  • Q : Individual sellers and buyers in

    Both individual sellers and buyers within perfect competition: w) can affect the market price through their own individual actions. x) can affect the market price by joining along with some of their competitors.  y) have to take the market price as a specified. z

  • Q : Describe Quasi-public goods Describe

    Describe Quasi-public goods?

  • Q : Organization of employees-Division of

    ‘Mama’ Jean consists of one employee bake crumbly, graham cracker crusts at Mama’s Home-Pies, whereas the other stirs gooey, hot, apple filling. Her staff is organized in accord with a/an: (1) Task management system. (2) Division of labor. (3) Compar