Scarcity requires people to make choices. O requires people to reduce their wants. means that wants and needs are scarce. does not exist in the 21st century because resources are sufficient to meet peoples' wants and needs.
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- Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources d. none of the choices are correct"What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.
- Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. What is the maximum quantity of guns that can be produced? What is the maximum quantity of butter than can be produced? Draw the nation’s production possibility curve. What is the opportunity cost of guns in this nation? Explain why the nation can’t produce both 3 guns and 4 butters. Explain why the nation shouldn’t produce both 1 gun and 2 butters.Why choice arise as a result of scarcity?The production possibilities frontier is the Select one: A. maximum output that can be produced at an opportunity cost of zero. B. minimum output that can be produced when resources are used inefficiently. C. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. D. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. E. maximum opportunity cost combinations of goods and services.
- Trade-offs emerge because of scarcity. The term "trade-offs" refers to The amount we lose because of our scarcity problem. The alternatives we give up when making choices. The items we exchange with others when we trade.Write TRUE if the statement is right and FALSE if it is wrong: _____ 9. We run into scarcity due to the fact that people have limited wants. _____ 10. People need to allocate resources efficiently because resources are limited to meet peoples unlimited wants.Most economists believe the scarcity of resources will persist. Why?
- Name two types of scarcityThe basic economic argument is that humans face the big problem of __________. That big problem means we have to choose what we do with our resources. Economists believe that improving ___________ will help use those resources to satisfy the most wants possible. Group of answer choices a. scarcity; efficiency b. efficiency; scarcity c. wants; resources d. resources; wantsEvidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality In what ways does the production possibilities curve reflect scarcity, choice and opportunity cost?