One of the main questions of economics involves deciding upon the method for
creating goods and services.
Which of the following is an example of a labor resource?
Which of the following best illustrates the importance of addressing the three questions of economics?
Businesses need to use limited resources wisely.
Which of the following is an example of a capital resource?
Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?
Not meeting the wants of its customers
If a specific economy has extra capital resources available, it will
be able to produce more goods and services needed and wanted by society.
Which factors are considered when deciding how to make goods and services? Check all that apply.
-methods traditionally used to make a good -ways to produce items at a lower cost or higher quality -ways to make the biggest profit
Which of the following will be accomplished by efficient allocations of the factors of production?
fulfilling many needs and wants of society
Which of the following best illustrates deciding how to produce a specific product?
Should we produce jeans with expensive machinery or less expensive labor?
Which consideration must be addressed when deciding for whom to produce?
Who has the greatest need?
A society decides that it needs to produce more corn to feed the growing population. What must it do before it begins the production process?
analyze existing resources, such as water availability
The questions of economics address which of the following? Check all that apply.
Which of the following will be accomplished by efficient allocations of the factors of production? guaranteeing economic success understanding whether a product will fail fulfilling many needs and wants of society replenishment of limited resources
The following will be accomplished by efficient allocations of the factors of production: fulfilling many needs and wants of society.
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Asked 12/20/2019 6:28:15 PM
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Which of the following rewards accrues to the factor of production called"capital"
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There are several restaurants. There is a question that rewards the factor of production called capital. We are supposed to know that it is a fact based version. Interest rewards accrue to the factor of production, which is called as capital. I am interested. The rewards agree. I'm sorry. There is a factor of production and a factor of production production. Okay, let's get this out of the way. Capital is thefactor of production. This is all about the answer to the question. Okay, students, that's all you need to know. US Capital is the interest factor of production. That's all you need to know. Thank you for that.
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Distinguish between production efficiency and allocative efficiency. Explain why many production possibilities achieve production efficiency but only one achieves allocative efficiency.
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This is where I am. We are looking at the difference between productive and allocated efficiency. The first thing I did was production efficiency. Goods or services are produced at the lowest possible price. This is any point along the production possibilities frontier where you're using all available resources to the best of their extent. So once again, deficiency was broken. This is the cheapest possible price. The greatest benefit for societies is what another hand allocated efficiency is all about, proving at the lowest cost. Consumer preferences and willingness to pay are what affect those. In terms of production possibilities, Frontier is going to be a single point, and that single point is where society values that combination of goods, the highest. That's the difference between being productive and allocated efficiency. The possibilities are here.