Answer: (C) Resource scarcity
Explanation:
The resource scarcity is one of the economical problem due to the limited availability of the resources and also a commodity.
The main cause resource scarcity is that when the demand of the resources increases and the availability of the resources become moderate then the scarcity situation get rises.
According to the given question, the given scenario best illustrating the resource scarcity situation due to the shortage of the softwood tress productivity in the environment.
Therefore, Option (C) is correct answer.
Answer:
C. joint life
Explanation:
According to my research on different life insurance policies, I can say that based on the information provided within the question the most affordable life insurance policy in this situation would be a Joint Life Insurance. That is because this policy covers two people but pays out only once and after the first death, this is also why it is a lump sum meaning that it charges the same as if it were insurance for one person. Therefore it is the best and cheapest option for this situation.
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If a person is highly risk averse, the higher marginal utility associated with a negative outcome outweighs the lower marginal utility from a positive outcome.
<h3>What is marginal utility?</h3>
The extra satisfaction which a consumer receives from possessing one more unit of an item or service is known as marginal utility.
The concept of marginal utility is helps in describing how customers make decisions to get the most out of their limited budgets. In general, until the marginal utility exceeds the marginal cost, consumers will keep buying more of a good.
There are three types of Marginal utility:
- Positive Marginal Utility: When having more of something provides you more happiness, you have positive marginal utility. Assume you regularly eat a piece of cake, however a second piece would bring you even more joy. Then the marginal utility from cake consumption is positive.
- Zero Marginal Utility: It occurs when using more of an item provides no additional measure of satisfaction. For instance, you might feel reasonably full after 2 pieces of cake but not significantly better after a third slice. Your marginal utility on eating cake is 0 in this situation.
- Negative Marginal Utility: It occurs when you have an abundance of an item, and ingesting more is really hazardous. After eating three slices of cake, the fourth piece of cake may potentially make you sick.
To know more about Marginal utility, check out:
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Scarcity means limitation of the availability of resources in relation to their wants. That means the available resources are not enough to completely satisfy all the wants.
By now, you must have already learnt that human beings have unlimited wants. And as the resources with which these wants must be satisfied are limited, we can understand that ‘scarcity’ is the central economic problem of everyone including individuals, firms and the government, and even the whole world.
Welfare economics focuses on the optimal allocation of resources and goods and how the allocation of these resources affects social welfare. This relates directly to the study of income distribution and how it affects the common good. Welfare economics is a subjective study that may assign units of welfare or utility to create models that measure the improvements to individuals based on their personal scales
I believe the answer is preparing a list of vegetables to purchase. That’s the only option that makes sense with his job.