when economists say that all societies face scarcity, they are describing course hero

by Jesus Welch 4 min read

What is scarcity in a situation?

Why do people have infinite wants in the face of limited resources?

What is the difference between economic goods and free goods?

Why is the NHS forced to make difficult choices?

What is economic goods?

What is the objective of all firms?

What are the key groups of decision makers?

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What is scarcity in a situation?

Explain what is meant by scarcity. Scarcity is the situation that arises because people have unlimited wants in the face of limited resources. Scarcity is waht forces people to make choices. Evaluate, using examples, the problem of scarcity and the requirement to make choices. An extreme but outlining example of the problem ...

Why do people have infinite wants in the face of limited resources?

This is because people have infinite wants in the face of limited resources, therefore decisions have to be made. Evaluate the implications of the 'basic economic problem'. The basic economic problem ensures that every society has to decide what to produce, how best to produce it, and for whom to produce it.

What is the difference between economic goods and free goods?

Distinguish between economic goods and free goods. Economic goods are resources that are scarce while free goods are recourses that are not scarce. Explain what is meant by the basic 'economic problem'. The basic economic problem is that of scarcity and choice. This is because people have infinite wants in the face of limited resources, ...

Why is the NHS forced to make difficult choices?

The NHS is forced to make difficult choices, because with the infinite wants of consumers in the medical world, the NHS must decide which needs are most prominent. This is because resources are scarce.

What is economic goods?

Economic goods are resources that are scarce and tradeable (such as shoes or a banana), therefore having a degree of opportunity cost. Free goods are resources that are not scarce, are not tangeable or necessarily tradeable (such as air or the ocean). Distinguish between economic goods and free goods.

What is the objective of all firms?

The objective of all firms is to make money . Households make decisions regarding their expenditure and finite income, as consumer wants are infinite. Explain, using examples, the impact on sustainability on scarcity and choice. Explain the nature and role of the different factors of production as economic resources.

What are the key groups of decision makers?

The key groups of decision makers are the government, firms, and households. Governments must make decisions regarding laws, legislation, expenditures, and taxation. Firms must make decisions on start up costs, wages, machinery, who to employ, answer the questions of location, what product to produce.

What is scarcity in a situation?

Explain what is meant by scarcity. Scarcity is the situation that arises because people have unlimited wants in the face of limited resources. Scarcity is waht forces people to make choices. Evaluate, using examples, the problem of scarcity and the requirement to make choices. An extreme but outlining example of the problem ...

Why do people have infinite wants in the face of limited resources?

This is because people have infinite wants in the face of limited resources, therefore decisions have to be made. Evaluate the implications of the 'basic economic problem'. The basic economic problem ensures that every society has to decide what to produce, how best to produce it, and for whom to produce it.

What is the difference between economic goods and free goods?

Distinguish between economic goods and free goods. Economic goods are resources that are scarce while free goods are recourses that are not scarce. Explain what is meant by the basic 'economic problem'. The basic economic problem is that of scarcity and choice. This is because people have infinite wants in the face of limited resources, ...

Why is the NHS forced to make difficult choices?

The NHS is forced to make difficult choices, because with the infinite wants of consumers in the medical world, the NHS must decide which needs are most prominent. This is because resources are scarce.

What is economic goods?

Economic goods are resources that are scarce and tradeable (such as shoes or a banana), therefore having a degree of opportunity cost. Free goods are resources that are not scarce, are not tangeable or necessarily tradeable (such as air or the ocean). Distinguish between economic goods and free goods.

What is the objective of all firms?

The objective of all firms is to make money . Households make decisions regarding their expenditure and finite income, as consumer wants are infinite. Explain, using examples, the impact on sustainability on scarcity and choice. Explain the nature and role of the different factors of production as economic resources.

What are the key groups of decision makers?

The key groups of decision makers are the government, firms, and households. Governments must make decisions regarding laws, legislation, expenditures, and taxation. Firms must make decisions on start up costs, wages, machinery, who to employ, answer the questions of location, what product to produce.