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SIZIF [17.4K]
3 years ago
7

Economics is the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of econ

omic wants. True or False
Business
1 answer:
Katena32 [7]3 years ago
4 0

Answer: True

Explanation:

Economics is the study of how decisions are made by humans when they're faced with scarcity of resources. It is concerned with how the resources that are in the economy will be efficiently used.

Therefore, the statement that "Economics is the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants" is true

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A customer, who needs to drive to work in a Wisconsin winter, has a critical need to use the product Ice Melt. For him as a cons
Blizzard [7]

Answer:

Urgency / Postponement leads to customer inelastic demand of ice melt.

Explanation:

Elasticity of demand is responsive change in demand of good, due to change in price. Formula = % change in demand / % change in price

Factors Affecting Price Elasticity of Demand : Nature of commodity, Income, substitutes availability, time period, urgency / postponement, share in total expenditure,

Inelastic Demand is when demand responds proportionately less to price change. % change in demand < % change in price

Case 'Customer critically needs ice melt to drive to work' : This has inelastic demand i.e demand less respondent to price changes (he will buy that at high price too). Such because of the urgency of this demand & less scope of its postponement.

5 0
3 years ago
Why is it important to invest
Svetradugi [14.3K]

it's important to invest so you can have a better life once that thing you invested in makes you money and not all of them do so keep that in mind

3 0
3 years ago
A pharmaceutical company with headquarters in India sells fluconazole, the generic version of Pfizer's anti-fungal drug Diflucan
amid [387]

Answer:

Pricing strategy to stay competitive

Explanation:

Pricing strategy is the process by which a company sets prices of goods and services offered to a consumer.

In setting up a price strategy the management.of a business need to put into consideration the competitive reaction, pricing position, pricing segment, and pricing capability.

The generic drugs companies in the US are selling fluconazole for a higher price than pharmaceutical company with headquarters in India in the international market.

In order for them to stay competitive they will need to review their price downward or customers will switch to the cheaper option

5 0
3 years ago
Silverwood Company is considering the following alternatives: Alternative A Alternative B Revenues $100,000 $200,000 Variable co
lana66690 [7]

Answer:

to find profit make

%profit =selling price + cost price ÷ cost price

5 0
2 years ago
A bank has stock shares of $100,000, property assets of $90,000, and cash of $10,000. If households and businesses decide to dep
Llana [10]

The answer is stock shares = $100,000, property assets = $90,000,       cash = $60,000, and loans & advences = $50,000

Given,

stock shares = $100,000,

property assets = $90,000,

and cash = $10,000.

households and businesses decide to deposit $50,000 in the bank as checkable deposits.

The balance sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time.

It also details the balance of income and expenditure over the preceding period.

Therefore when households and businesses decide to deposit $50,000 in the bank as checkable deposits, it will be shown in balance sheet as:

Cash = Previous balance + checkable deposits

         = 10,000 + 50,000

         = $60,000

Loans & advances : checkable deposits = $50,000

Hence, the balance sheet will be stock shares = $100,000, property assets = $90,000, cash = $60,000, and loans & advences = $50,000.

Learn more about balance sheet:

brainly.com/question/17151793

#SPJ4

8 0
2 years ago
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