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NNADVOKAT [17]
2 years ago
13

3. Analyze. Explain how scarcity is related

Business
1 answer:
frosja888 [35]2 years ago
8 0

Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.

Because of the above, one has to carefully make their choice while allocating the resources accordingly.

<h3>What is opportunity Cost?</h3>

When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.

<h3>What is a rationing device?</h3>

A rationing device is a system that determines who receives what of limited commodities and resources.

Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.

Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.

Learn more about Scarcity:
brainly.com/question/4747543
#SPJ1

You might be interested in
Hat Tricks Company (HTC) is a Buffalo, New York, manufacturer of hats and gloves. Recently, the company purchased a new machine
Mkey [24]

The selling price per hat is mathematically given as

S=$62

<h3>What is the selling price per hat?</h3>

Compensation of Workers =20hr*60$/hour = $1200

Assorted Direct Expenditures =100hats*19$/hat = $1900

Hence,Total Direct cost. =  $1200+$1900

Total Direct cost.= $3100

The selling price is 200% of the Direct production cost

$3100*200% = $6200

The selling price per hat = $6200 / 100hats

The selling price per hat = $62

In conclusion, The selling price per hat = is $62

Read more about the selling price

at brainly.com/question/28017453

#SPJ1

7 0
2 years ago
#15 Ruth Handler owns a home that has a replacement value....
vichka [17]

The correct answer is $737 premium per year.

The steps to solving this problem is to first determine the amount of homeowner’s insurance that you need. It is specified that they are looking for a policy that is equal to 80% of the home’s replacement value. The value of the home is $312,500, so 80% of that is $250,000 (312,500 x .8).

Next, locate the row for $250,000 and then locate the Brick/Masonry section, which is the first one. Under that heading you will see the breakdown of different classes. The first column is for fire protection classes 1-6, which includes 4. So, your answer is in the first cell to the right of $250,000.

5 0
3 years ago
There is a large transportation network in order to get from the point of manufacture to the point of sale
daser333 [38]

Answer:

True

Explanation:

It is TRUE that there is an extensive transportation network to get from the point of manufacture to the end of the sale.

After the product is manufactured in the factory, it will go through or bought by different wholesalers who will have to sell to a group of retailers, all in various places, before being sold to final consumers.

In most cases, there is usually a long list of retailers before the goods reached the final consumers. This movement of goods between all the stakeholders involved can go through various locations, states, or regions before it finally gets consumed.

Hence, in this case, the correct answer is "TRUE."

8 0
3 years ago
With double-digit annual percentage increases in the cost of health insurance, more and more workers are likely to lack health i
pochemuha

Answer:

See attached files

Explanation:

3 0
4 years ago
How does the government help ensure fair prices for all citizens of a particular area served by one utility company?
grigory [225]

Answer:

The answer is by negotiating affordable rates with a supplier.

Explanation:

The government helps ensure fair prices for all citizens by negotiating affordable rates with a supplier.

5 0
3 years ago
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