Micro Chapter 2 Homework (1) - Copy (1)

Contrast how a market system and a command economy try to cope with economic scarcity.

Discuss a consequence scarcity has on our lives. Ideas that you may want to consider and discuss are choices, unlimited wants, the three economic questions, and limited resources.

Explain the concept of scarcity in general and further indicate how this is critical to the success of a business.

"What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.

Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products in each store. What motivated the producers of those individual products to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? Who decides whether these particular hardware products should continue to be produced and offered for sale?

Discuss the difference between economic value and social value or the shared value creation framework. Why do you think organizations tend to focus on the creation of one type of value but not both?

List and discuss in detail (thoroughly and carefully), two examples of the scarcity that you have faced this month.

Business anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C…

Question 1 Suppose a British Columbia has a total of 12 units of labour, which can be used to produce either computer or wheat. One computer takes 6 units of labour to produce and 100 kg wheat takes 2 units of labour to produce. (a) Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. (b) What is the maximum quantity of computers that can be produced? (c) What is the maximum quantity of wheat than can be produced? (

What is Economic System? And what system is the best system your community will use and implement to address scarcity, as an Economic Manager?

1. How can we apply the core principles of scarcity, choice, opportunity cost and cost-benefit analysis to the decision-making processes? 2. Explain the difference between micro economics and macroeconomics. 3. Demonstrate an understanding of the coordinate system by using it to outline the relationship between economic variables.

A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won& buy it because they done like the taste.  From an economic perspective, the company should..........   keep the hamburger on the menu because they have spent so much money and time developing and promoting the product.  spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.

Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services. True or false

What is the production possibilities frontier?    A. a map that shows areas of the world in which capitalist production is highest  B. a map that shows the frontier beyond which technological innovation is unprofitable  C. a graph that shows the various combinations of resources that can be used to produce a given level of output  D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology

Write TRUE if the statement is right and FALSE if it is wrong:   _____    9. We run into scarcity due to the fact that people have limited wants.                            _____     10. People need to allocate resources efficiently because resources are limited to meet peoples unlimited wants.

A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they don& like the taste.  From an economic perspective, the company should keep the hamburger on the menu because they spent so much money and time developing and promoting the product.        spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time.        pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost.        keep trying to sell the hamburger so that people who developed and promote it have a job with the company.

According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the above. It refers to the process of how new technology or ideas replaces old technology or ideas. When the government taxes profits at a high level, then businesses will be destroyed. It means that the economy is ruined and is suffering an economic depression.

Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.

Healthcare PPF Education 1.1.1 Define the curve AF. 1.1.2. Explain the following points in relation to the curve and the basic economic problem of scarcity. 1.1.2.1 Point B 1.1.2.2 The move from Point B to Point C 1.1.2.3 Points inside the curve 1.1.2.4 Points outside the curve

Explain how scarcity and choice are central to economics. Apply the concepts of scarcity in real-life contexts. Evaluate the opportunity cost of your personal time. Ref: EconInbox Resource

How can scarcity of resources be a problem to society

Which statement best describes how scarcity is an important part of business economics? Scarcity permits consumers to establish the cost at which producers will manufacture goods. Scarcity forces consumers and producers to consider the opportunity costs of decisions. Scarcity forces producers to reduce supply to meet consumer demand. Scarcity allows consumers and producers to avoid distinguishing between needs and wants.

Economics can be defined as the study of how people, businesses, governments, and societies Make choices to deal with scarcity. Engage in trade to increase their wealth. Choose abundance over scarcity. Use their infinite resources to maximize satisfaction.

fill in missing word   The _______ economy is a way of organizing activity based on returning all resources involved in the production of goods and services back into productive used with the goal of eliminating waste and reducing material inputs.

A) Despite a booming economy and low unemployment rates researchers have often found   declining social mobility and growing income inequality. Discuss at least 4 reasons for this outcome.   B) What is the relationship between business and society ?Describe ways in which business and society are part of an interactive system.

Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources.(b) Limited wants and limited resources.(c) Unlimited wants and unlimited resources.(d) Unlimited wants and limited resources.Q.1.2 Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa.(b) The price of maize in South Africa.(c) The unemployment rate in Zimbabwe.(d) The South African inflation rate.Q.1.3 What are the three major economic flows? (a) Income, spending and saving.(b) Spending, production and saving.(c) Income, saving and investment.(d) Income, spending and production.

The idea that because of​ scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of   A. a​ trade-off.   B. equity.   C. optimization.   D. efficiency.