Which basic economy question determines how a society will produce goods and services?
To determine how a society will produce goods and services we must ask how can available resources be used efficiently, which resources are adequate to produce certain good, and how it will be produced, whether it is by machines or people to maximize the capacity of production.
Which factor determines who a society will produce goods and services for?
Which factor determines who a society will produce goods and services for? The economic system in the society.
What are the three basic economic questions all societies must answer a Who gets to produce goods and services who gets to consume them and who collects the profits?
What goods and services should be produced? How should they be made? Who consumes these goods and services? The structure of methods and principles that a society uses to produce and distribute goods and services.
What are the 3 main economic questions?
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Does devaluation help the economy?
Currency devaluations can be used by countries to achieve economic policy. Having a weaker currency relative to the rest of the world can help boost exports, shrink trade deficits and reduce the cost of interest payments on its outstanding government debts.
When you give up one thing to get something else it is called?
Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost,” we usually mean opportunity cost.
What is opportunity cost and example?
Opportunity cost is the profit lost when one alternative is selected over another. The concept is useful simply as a reminder to examine all reasonable alternatives before making a decision. For example, you have $1,000,000 and choose to invest it in a product line that will generate a return of 5%.
What are the two most important assumptions in all of economics?
Crash Course
| Question | Answer |
|---|---|
| What are the two most important assumptions in all of economics? | Scarcity (people have unlimited wants but limited resources) and everything has a cost |
What are the three examples of opportunity cost?
Examples of Opportunity Cost
- Someone gives up going to see a movie to study for a test in order to get a good grade.
- At the ice cream parlor, you have to choose between rocky road and strawberry.
- A player attends baseball training to be a better player instead of taking a vacation.
What situation is the best example of opportunity cost?
It is the important concept in economics and also the relationship which is between choice and scarcity. A good example of opportunity cost is you can spend money and time on other things but you can not spend time reading books or the money in doing something which can help.
Which situation best describes an opportunity cost?
Opportunity costs are the costs of an economic choice expressed in terms of the best missed opportunity: it values the unrealized return of the best possible alternative compared to the final decision made (Choosing is losing). The profit that is obtained from these costs is the economic profit.
What’s a possible opportunity cost when you spend $100 on a pair of sneakers?
A possible opportunity cost when you spend $100 on a pair of sneakers is: Not being able to spend that $100 on some furniture for your house. A possible opportunity cost when you spend $100 on a pair of sneakers is: Not being able to spend that $100 on some furniture for your house.
What is the basic premise of an opportunity cost?
The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative.
Which of the following would be an example of a good Weegy?
The following would be an example of a good: a car.
What is the basic premise of an opportunity cost Weegy?
Answer: When you buy something, you are foregoing all the other things you could have bought instead. Explanation: Opportunity cost is an economic concept that refers to the cost of giving up certain factors as a result of choosing a specific factor.
What is the opportunity cost of an action?
The opportunity cost of an action is what you must give up when you make that choice. Another way to say this is: it is the value of the next best opportunity. Opportunity cost is a direct implication of scarcity. The concept of opportunity cost is one of the most important ideas in economics.
Which of the following is true with reference to opportunity cost?
Q1) Which of the following is true with reference to opportunity cost? It is the value of the next best use for an economic good. It is the value of a sacrificed alternative. It is useful in decision making.
What would be a reason why an economy is operating at point D?
Question: (Figure) What Would Be A Reason Why An Economy Is Operating At Point D? A Reduction In Business Investment Causes Unemployment To Increase. An Economy Uses All Of Its Inputs Efficiently But Changes The Ratio Of The Goods Produced.