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    which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource? who can be most creative with the product? who has the largest resource pool? who has the greatest need? who can bring in the greatest profit?

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    2-1 Explain this statement: "If resources were unlimited and freely available, there would be no subject called economics."

    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. Economics, the science of choice, would be unnecessary.

    2-2 Comment on the following statement from a newspaper article: "Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy."

    Obviously the writer is confused. Government subsidies come from government revenues and taxpayers are the source of tax revenues. It may be true that local property taxes that fund the junior high school are not being used for the lunches, but the federal government�s funds do come from taxpayers across the country, including those in the town with the junior high. This example helps support the saying, "There ain�t no such thing as a free lunch!"

    2-3 Critically analyze: "Wants aren�t insatiable. I can prove it. I get all the coffee I want to drink every morning at breakfast." 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."

    It may be that you get all the coffee you want on a particular morning, but will that satisfy your wants forever? Not if you want coffee in the future. Therefore, even your desire for coffee is insatiable over time.

    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; that is, satisfy all of everyone�s wants and needs. If all our wants were completely fulfilled, nothing would 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 that totally free goods and services do not exist provides support for the notion that total fulfillment of our wants is impossible.

    2-4 What are economic resources? What are the major functions of the entrepreneur?

    Economic resources are of four main types: labor, land (natural resources), real capital (machines, factories, buildings, etc.,) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process. As these names imply, economic resources are required to produce the outputs desired by society. Since certain outputs are desired, they command a price and so, therefore, do economic resources. This can lead to some things being economic resources in some circumstances but not in others. Water in the middle of a lake, for example, is not an economic resource: Anyone can have it free. But the same water piped to a factory site is no longer free: Its movement must be paid for by taxes or by a specific charge. It is now an economic resource because the factory owner would not pay for its delivery unless the water was to be used in the factory�s production. These four types of resources are highlighted in the circular flow diagram where the type of income accruing to each type of resource is shown.

    Entrepreneurs are risk-takers: They coordinate the activities of the other three inputs for profit�or loss, which is why they are called risk-takers. Entrepreneurs sometimes manage companies that they own, but a manager who is not an owner is not necessarily an entrepreneur but may be performing some of the entrepreneurial functions for the company. Entrepreneurs are also innovators, or perhaps inventors, and profits help to motivate such activities.

    2-5 () Why is the problem of unemployment a part of the subject matter of economics? Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency.

    Economics deals with the "limited resources�unlimited wants" problem. Unemployment represents valuable resources that could have been used to produce more goods and services�to meet more wants and ease the economizing problem.

    Allocative efficiency means that resources are being used to produce the goods and services most wanted by society. The economy is then located at the optimal point on its production possibilities curve where marginal benefit equals marginal cost for each good. Productive efficiency means the least costly production techniques are being used to produce wanted goods and services. Example: manual typewriters produced using the least-cost techniques but for which there is no demand.

    2-6 () Here is a production possibilities table for war goods and civilian goods:

    Source : www2.harpercollege.edu

    The Three Questions of Economics Flashcards

    Study with Quizlet and memorize flashcards terms like The three questions of economics best help in making decisions about __________., Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated. Businesses need to limit production., Read the following scenario. A clothing company wants to expand into new regions. It is looking at an urban area with a large number of vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful. Which of the factors of production will the company need to address most closely when making its decision to expand? land capital land and labor labor and capital and more.

    The Three Questions of Economics

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    The three questions of economics best help in making decisions about __________.

    Click card to see definition 👆

    Production

    Click again to see term 👆

    Which of the following best illustrates the importance of addressing the three questions of economics?

    People's desires and needs are always changing.

    Businesses need to use limited resources wisely.

    Traditional methods of production are outdated.

    Businesses need to limit production.

    Click card to see definition 👆

    Businesses need to use limited resources wisely.

    Click again to see term 👆

    1/17 Created by Wyze7

    Terms in this set (17)

    The three questions of economics best help in making decisions about __________.

    Production

    Which of the following best illustrates the importance of addressing the three questions of economics?

    People's desires and needs are always changing.

    Businesses need to use limited resources wisely.

    Traditional methods of production are outdated.

    Businesses need to limit production.

    Businesses need to use limited resources wisely.

    Read the following scenario.

    A clothing company wants to expand into new regions. It is looking at an urban area with a large number of vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful.

    Which of the factors of production will the company need to address most closely when making its decision to expand?

    land capital land and labor labor and capital Capital

    Which factors are considered when deciding how to make goods and services? Check all that apply.

    determining who has the greatest need

    finances of prospective buyers

    methods traditionally used to make a good

    ways to produce items at a lower cost or higher quality

    ways to make the biggest profit

    Methods traditionally used to make a good

    Ways to produce items at a lower cost or higher quality

    Ways to make the biggest profit

    One of the three main questions of economics addresses who should:

    produce goods and services.

    market goods and services.

    receive goods and services.

    distribute goods and services.

    Receive goods and services

    Which consideration must be addressed when deciding for whom to produce?

    Who can be most creative with the product?

    Who has the largest resource pool?

    Who has the greatest need?

    Who can bring in the greatest profit?

    Who has the greatest need?

    Which of the following will be accomplished by efficient allocations of the factors of production?

    guaranteeing economic success

    understanding whether a product will fail

    fulfilling many needs and wants of society

    replenishment of limited resources

    Fulfilling many needs and wants of society

    Which of the following is an example of a labor resource?

    money available to be invested in a company

    water held in a reservoir

    a city's population

    electricity produced by a nearby power plant

    A city's population

    Resources needed to provide goods or services are called:

    factors of production.

    facets of production.

    functions of production.

    facts of production.

    Factors of production

    One of the three economic questions deals with deciding:

    what goods and services should be produced.

    what the costs of production should be.

    how goods and services will be marketed.

    how consumers will receive products.

    What goods and services should be produced.

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    Related questions

    QUESTION

    According to the above the above excerpt, the American Declaration of Independence and subsequent victory in the war of Independence most directly led to

    15 answers QUESTION

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    Which consideration must be addressed when deciding for whom to produce?

    "Who has the greatest need?" Every economy faces several problems, which need to be resolved to satisfy the market participants.

    Which consideration must be addressed when deciding for whom to produce? A) Who can be most creative with the product? B) Who has the largest resource pool? C) Who has the greatest need? D) Who can bring in the greatest profit?

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    The correct answer is C, which is who has the greatest need.

    Explanation:

    Creativity (Answer A) and the number of resources (Answer B) do not help decide the stakeholders of the product, while Answer D is not an easily measurable or correctly predictable number.

    Every economy faces several problems, which need to be resolved to satisfy the market participants. A framework that fulfills previously unaddressed consumer wants is more likely to be efficient and earn a profit. Answer C allows identifying this unsatisfied group and effectively planning the means of its contentment.

    In various countries, different arrangement exists for the facilitation of the production process. The Organisation for Economic Co-operation and Development (OECD) is one of the examples of a similar international institution.

    How Decisions are Made in Market and Command Economies (Source: https://marketbusinessnews.com)

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    References

    . (2020) 'Which consideration must be addressed when deciding for whom to produce? A) Who can be most creative with the product? B) Who has the largest resource pool? C) Who has the greatest need? D) Who can bring in the greatest profit'. 2 April. (Accessed: 30 June 2022).

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    Which of the following things are generally true about alcohol advertisements: A) they have no effect on how much alcohol is consumed B) they target our expectations and perceptions about drinking C) they accurately depict the negative effects from drinking too much D) none of above

    Which best describes how advertising influences consumer choice in an oligopoly? A) Advertising coaxes people to buy new products. B) Advertising alerts consumers to price reductions. C) Advertising undermines competition. D) Advertising informs brand knowledge.

    Source : academic.tips

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