Answer:
Answer is explained in the attachment.
Explanation:
It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy. Scarcity is important for understanding how goods and services are valued.
<h3>How has scarcity forced you to make economic choices?</h3>
Scarcity forces all of us to make choices by making us decide which options are most important to us. The principle of scarcity states that there are limited goods and services for unlimited wants. Thus, people need to make choices in order to satisfy the wants that are most important to them.
<h3>What is scarcity of resources?</h3>
Scarcity in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited. Scarcity results in consumers having to make decisions on how best to allocate resources in order to satisfy all basic needs and as many wants as possible.
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Answer:
The answer is: 7% annual growth rate
Explanation:
The Rule of 70 is a way to determine how many years it will take an economy to double its GDP (or GDP per capita) with a given annual growth rate.
The formula used by the Rule of 70 is:
number of years = <u> 70 </u>
to double an economy annual percentage growth rate
In this exercise we substitute the known variables and calculate:
10 years = 70 / (annual growth rate)
annual growth rate = 70 / 10 = 7%
Diversification strategy is American tile corp. using when it acquires a company that makes industrial cleaning products that American tile does not currently offer.
When businesses want to expand, they use a diversification approach. In order to boost revenues, it is a practice to add a new product to your supply chain. These goods may represent a new subset of the market that your organization already serves, a strategy known as business-level diversification.
One of the four growth techniques popularized by Igor Ansoff is diversification. One of these growth techniques is more likely to work for your firm than the others, depending on the sector, size, and ambition of your business. As follows:
Product Development
Penetration
Market Diversification and
Development
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