Which best explains why players in the game of economics are often in conflict with each other? Some economic goals are incompatible with each other. Which question must be asked about the use of resources in an economic system? Which of these is the most important in a free-market system?
Is it possible to eliminate scarcity quizlet?
Terms in this set (70) As resources are abundant, we do not have to make choices about their use. Scarcity forces us to choose, and choices are costly because we must give up other. It is possible to completely eliminate scarcity.
Which of the following best explains why the game of economics Cannot eliminate scarcity apex?
No matter how much supply is produced, people’s demand will always increase to exceed supply. Explanation: Economics believes it’s not possible, scarcity can never be eliminated in the game of economics because our infinite human wants will always outnumber the means available in this finite universe.
Which best explains the profit motive?
The correct answer would be, The desire to make money through goods and services. Explanation: Profit motive is the motivation to earn profit. In economics, the core motivation of an organization is to earn money.
Which best explains why property rights are necessary in a free-market system?
Answer Expert Verified. Property rights are essential to a free-market principle because it gives the owners of their property full control over its use. This full control enables property owners to use their resources in the most efficient way possible, and maximize the total benefit of these resources.
Which best explains why the game of economics does not have a single goal?
The statement that best explains why the game of economics does not have a single goal is “Different people want different things out of life.
What’s the difference between scarcity and shortage?
The easiest way to distinguish between the two is that scarcity is a naturally occurring limitation on the resource that cannot be replenished. A shortage is a market condition of a particular good at a particular price. Over time, the good will be replenished and the shortage condition resolved.
Why will scarcity always exist?
-scarcity always exist because our needs and wants are always greater then our supply. Scarcity vs. Shortage: Shortages: Shortages occur when producers will not or cannot offer goods and services at current prices.
What is the main motive of business?
The Goals of a Business. The primary purpose of a business is to maximize profits for its owners or stakeholders while maintaining corporate social responsibility.
Is profit motive good or bad?
So, yes having a profit motive is good in business. However, if the profit motive is the only motive of the business in all likelihood it will also eventually fail – it will generally just take longer to happen. So a profit motive is just one motive that a business must have.
What is the importance of property rights?
The fundamental purpose of property rights, and their fundamental accomplishment, is that they eliminate destructive competition for control of economic resources. Well-defined and well-protected property rights replace competition by violence with competition by peaceful means.
Which best explains why the game of economics is about setting goals?
Which of the following best explains why the game of economics is about setting goals as much as it is about making allocation decisions? There are different and incompatible economic goals. It’s unnecessary to have a goal to make allocation decisions.
Which of these is not necessarily part of the game of economics?
*D. The reduction of waste Correct! While waste may be reduced by players in the game of economics, this is not necessarily a part of that game. The correct answer is: The reduction of waste.
