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Svetlanka [38]
3 years ago
11

How does the study of economics depend upon the phenomenon of scarcity?

Business
2 answers:
Inessa [10]3 years ago
8 0
Scarcity in the economy is the excess of demand over supply. Scarcity shows a discrepancy between supply and demand and the absence of countervailing prices.
Study of economics depends on existence of scarcity. The phenomenon of scarcity determines the development of new trends and theories that enable you to analyze and control the economy in the scarcity. Great importance has the deficit to achieve government goals and improve the economic situation in the country. Effective management allows minimizing public costs and losses and getting more profits.
<span>The phenomenon of scarcity leads to appear of notion of budget scarcity or good scarcity. And this leads to creating the theories for studying, regulating, using and overcoming the relevant phenomena </span>
<span>The phenomenon of scarcity is another element of the economy and allows you to explore it (economy) in all its integrity and versatility</span>
velikii [3]3 years ago
4 0

Answer:

Scarcity is the basic economic problem because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions are made to allocate resources efficiently. Some wants must be given up so that others can be achieved. The fact that choices have to be made about how to use limited resources to meet unlimited wants affects individuals, businesses, industries, governments, and even the worldwide economy.

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A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 5 percent. Thi
Andrei [34K]

Answer and Explanation:

The computation is shown below:

a. The rate of return in percentage is

= return ÷ investment

= $15 ÷ $150

= 10%

b. The economic profit is

= rate of return - normal profit rate

= 10% - 5%

= 5%

c. As the economic profit is more than 0 so it should be the entry

d. The rate of return in the long-run equilibrium to the 5% as the rate of return should be equivalent to the normal rate of profit

6 0
3 years ago
What is a product mix?
Leto [7]
<h2 /><h2>Answer:</h2>

Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers.

For example, your company may sell multiple lines of products.Or your product lines may be vastly different, such as diapers and razors.

8 0
3 years ago
Karen Price has determined that her net worth is $56,000, excluding her home. She owes $80,000 on her mortgage and $13,000 on a
Rus_ich [418]

Answer:

Explanation:

Net worth is the difference between a person's (assets - liabilities)

Based on the balance sheet equation; Assets = Liabilities + Equity , meaning that Assets - Liabilities = Equity .

With the above two equations, Net worth = Equity = $56,000

Debt-to- Equity ratio = Debt/ Equity

<em>Note: $80,000 mortgage will not be included as debt to avoid double counting error since it is is a  pay towards a home(asset) already incorporated in the $56,000 net worth.</em>

So, D/E = 13,000 / 56,000

D/E = 0.2321

8 0
4 years ago
Key computer issues addressed by the Bureau of Consumer Protection (BCP) include all of the following except _____.
balandron [24]

Answer:

How to increase the amount of "cookies"

Explanation:

It says it in the notes section. Brainliest?

6 0
3 years ago
Calvin enjoys dining at Dawson's, a fast food restaurant. He feels that they make the best french-fries for a low price. However
emmasim [6.3K]

Answer:

The correct answer is: B. Cross-Shopping.

Explanation:

Cross-selling is a technique that consists of selling several complementary products or services to the customer that you wish to buy recently. Cross selling can be understood much more easily with an example: a user buys a computer and the seller offers a mouse and a printer.

3 0
3 years ago
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