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3 years ago

Can you point out some differenced between welfare definition and scarcity and choice

1 answer:

5 0

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

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What type of buying decision making is used when purchasing Dress pants and shirt? *

Paraphin [41]

The type of decision making used when purchasing dress, pants and shirt is routine decision making.

Explanation:

Depending upon the involvement shown in buying the products, the type of buying decision making can be categorized as:

• Routine response behavior

• Limited decision making

• Extensive decision making.

Routine response behavior is exposed when the consumer is familiar with the product to-be-purchased and also on purchasing low cost goods. Generally people will show less involvement in frequently buying products.

Extensive Decision Making occurs while purchasing the expensive product. These products are unfamiliar and are not bought frequently. So their involvement level will be high.

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4 years ago

How can capitalism be best described in the United States today?

frosja888 [35]

The US has a form of capitalism with modest government interference with a current increasing tendency towards laissez-faire.

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3 years ago

Fishwick Enterprises has 200,000 shares outstanding, half of which are owned by Jennifer Fishwick and half by her cousin. The tw

Ivahew [28]

Answer:

A. 20%

B.$4,000000

C. 62,500

D. $6,500,000

E $1,500,000

Explanation:

3 0

3 years ago

A store offers packing and mailing services to customers. The cost of shipping a box is a combination of a flat packing fee of $

strojnjashka [21]

Answer:

equation will be 2x+5

Explanation:

We have given the cost of shipping box = $5

Flat packing fee = $5

As given, the cost of shipping a box is based on its weight in pounds so it is variable

And a flat rate of $5 for packing. This means $5 is common for each parcel that will be sent. Only the weight will vary.

So the equation will be 2x+5

4 0

4 years ago

Read 2 more answers

The economic definition of money is:_________

SVEN [57.7K]

Answer:

The correct answer is option A.

Explanation:

Money can be defined as an object that is widely used as a medium of exchange in economic transactions. The primary function of money is to act as a medium of exchange for goods and services.

Other than that money also performs a number of secondary functions. It acts as a store of value, unit of account and standard of deferred payments.

Money can be of different types such as commodity money, bank money, and fiat money.

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3 years ago