All goods and services are scarce because

2 answers:

8 0

Goods and services are scare because the resources required to produce these goods and services are limited in supply and that is why we can't fulfill all the wants of the people, which results in Scarcity to arise. In economics the basic economic problem arises because resources are limited and wants are unlimited and therefore everyone cannot have what they need and that is why we have a connection with opportunity cost. We need to sacrifice or forego the items we can't have and therefore with the economic problem of scarcity, opportunity cost arises. If we can satisfy everyone's wants, then there is no question about having scarce resources.

tino4ka555 [31]3 years ago

3 0

All goods and services are scarce because resources are limited. People needs to balance everything. They should weigh needs and wants.

You might be interested in

The descriptions below give the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment. Use th

aleksley [76]

Explanation:

A. This is the case of Cyclical unemployment here lorraine is just graduated and does not find any job inspite of applying with many of the employers. Here the economic condition of the country is below its full capacity.

B. It is example of potential frictional unemployment as George takes time to move on from current job to a part time job. Frictional unemployment is the time taken to move from one job to another.

C. This is an example of structural and technological unemployment as there is a mismatch between the labor market required skills and the skills of the candidate. Christine has bank teller skills but it is not matched with skills expected by banks.

D. It is called as frictional unemployment where Ricardo is out of job due to lay off by the company. The period between a jobless situation and job is frictional unemployment.

5 0

2 years ago

Contact Process: What safety, cost, or other considerations prevent most industrial applications from using the most ideal condi

Margaret [11]

So here is the answer of the given question above:
In terms of economics, Harber's process takes a huge amount of capital. Initially, the process demands for a very high pressure and this is very expensive to produce. Second, the company would need to establish extremely sturdy pipes and containment vessels to endure the very high pressure, in order to produce this required condition; the building process is very costly as well as the maintenance. Hope this answer helps.

5 0

3 years ago

The starting point on this grid system for determining latitudinal location is the ____________ , while the starting point for d

aksik [14]

The answers are "Equator" and "Prime Meridian" The grid system gives every point on the earth an address that can be represented as the intersection of two lines, latitude and longitude. The equator is the starting point for measuring latitude (0 degrees latitude), the numbers measure how far north or south of the equator a place is. Longitude shows how far a location is east of the Prime Meridian (0 degrees longitude) , which runs vertically, north and south, right over the British Royal Observatory in Greenwich England, from the North to the South Pole.

3 0

3 years ago

Is an emerging green career dedicated to the discovery of energy using the sun as its source

KatRina [158]

Yes it is a discovery

7 0

3 years ago

You try to start your car, but it does not start. Which of these is a prediction? You try to start your car, but it does not sta

tensa zangetsu [6.8K]

Answer:

What is wrong with my car?

Explanation:

Asking the question 'what is wrong with my car' will generate alot of possible solutions which cover everything about the car, unlike other questions that are specific. Predicting the possible cause of the problem will be difficult for anyone.

The problem might be 'an empty gasoline', it might also be an 'ignition problem' etc.

7 0

2 years ago