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A society allocates its scarce resources to various jobs. These scarce resources include

a. land

b. people

c. machines

d. all the above are correct.

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Divya Singh
Divya SinghLv10
22 Mar 2021

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Related questions

Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their nature at all times, temporary or seasonal, or artificially created. For each of the following goods and resources, indicate whether the good is artificially scarce, inherently scarce, scarce on occasion, or not scarce.

a. Holiday lights in mid-December: (Click to select)Artificially scarceScarce on occasionNot scarceInherently scarce.

b. Air regardless of quality: (Click to select)Inherently scarceArtificially scarceScarce on occasionNot scarce.

c. Land: (Click to select)Scarce on occasionInherently scarceNot scarceArtificially scarce.

d. Patented goods: (Click to select)Scarce on occasionNot scarceArtificially scarceInherently scarce.

e. Original Picasso paintings: (Click to select)Inherently scarceArtificially scarceNot scarceScarce on occasion.

What is Economics a study of?

a) how society manages its unlimited resources.

b) how to reduce our wants until we are satisfied. 

c) how society manages its scarce resources

d) how to fully satisfy our unlimited wants.

 

How A Society Allocates Its Scarce Resources?

The three types of economic systems are Market Economy, Planned or Controlled Economy, and Mixed Economy. How does each handle the issue of Scarcity? How does each system answer What, How, and For Whom questions?

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