Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource who can b?
Which consideration must be addressed when deciding for whom to produce. The correct answer is deciding who needs the goods and services that are about to be produced.
What are the three economic questions deals with deciding?
One of the three economic questions deals with deciding: what goods and services should be produced. what the costs of production should be. how goods and services will be marketed.
What are the three main questions of economics addresses who should?
Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services? The answers to these questions depend on a country's economic system.
What are the main questions of economics involves deciding upon the method for?
Terms in this set (9)
- One of the main questions of economics involves deciding upon the method for. …
- A society decides that it needs to produce more corn to feed the growing population. …
- Which of the following is an example of a land resource? …
- Which consideration must be addressed when deciding for whom to produce?
What factors are considered when deciding goods and services?
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Which of the following is not included in the decisions that every society must make?
who will consume the goods.
What are the three economic questions deals with deciding Brainly?
One of the three economic questions deals with deciding: what goods and services should be produced. what the costs of production should be. how goods and services will be marketed.
Which of the following best illustrates the importance of addressing three questions of economics?
Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing.
Which of the following best illustrates the importance of addressing the three questions of economics?
Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated.
Why is choice essential in the study of economics?
People have unlimited wants and desires, the goods and services are limited in the economy and there is a scarcity. Due to this reason, it is necessary to make a choice. Since it is not possible to have everything that a person desires, hence they require making a choice.
What are the two key factors to consider when choosing the best method for producing a product?
Terms in this set (5)
- Availability. if a resource is not available it cannot be used.
- Flexibility. if they require flexibility (to meet specific needs of customers)they are more likely to use job production as staff can alter things and there is a slight variation in batch production.
- Quality. …
- Product type. …
- Market size.
Which of the following best illustrates the importance of addressing the three?
Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated.
Which of the following is not included in product decisions?
Warehousing is NOT included in product decisions. Warehousing is the act of storing goods that will be sold or distributed later.
Which of the following is one of the four basic questions that must be answered in all economies?
Terms in this set (4) What goods/services to produce? How should goods/services be produced? For who are goods/services produced? How are goods/services distributed?
What are the 3 economics?
There are three main types of economies: free market, command, and mixed.
Which are major decisions that must be addressed by an economic system?
The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
What does economic decisions begin with?
We begin by looking at spending decisions. Although we have said that money is scarce, a more precise statement is that you have limited income. (Economists usually use the term “money” more specifically to mean the assets, such as currency in your wallet or funds in your checking account, that you use to buy things.)
What is the choice in economics?
Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to chose is regarded as a fundamental indicator of economic well being and development. Previous Post.
What are the things to consider in choosing product?
5 Factors Consumers Consider When Choosing Your Product
- Package Reusability. Consumers have always wanted more for their money, but modern consumers want environmental responsibility for their money, as well. …
- Product Allure. Make the product look good. …
- Familiarity. …
- Snobocity. …
- Brand Trustworthiness.
What is important when deciding on a new product?
Infrastructure, raw materials, machinery, reliable vendors and so on also play an important role in deciding the development of new products. Organizations need to ensure that they have the latest technology and adequate power back up before they decide to manufacture a new product.
What statement best describes why economics must make these decisions?
What statement best describes why economies must make these decisions? Economies must make these decisions because resources are limited.
Which of the following is included in product decisions?
The main elements to consider are the production process itself, specifications, culture, the physical product, packaging, labelling, branding, warranty and service.
What is a product decision?
Product decisions are decisions to be made about the product or service a company wants to sell. These decisions are vital to creating a successful marketing mix to meet the company's objectives.
What are the four basic economic questions economic systems must consider?
Terms in this set (4) What goods/services to produce? How should goods/services be produced? For who are goods/services produced? How are goods/services distributed?
What is economic decision?
Economic decisions involve production, distribution, exchange, consumption, saving, and investment of economic resources. Private and Public Goals. Economic decisions are made to serve the goals of individuals and private organizations (private goals) and society as a whole (public goals).
What are the 4 types of economic development?
Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
- Traditional economic system. …
- Command economic system. …
- Market economic system. …
- Mixed system.
May 7, 2022
What is an economic decision?
Economic decisions involve production, distribution, exchange, consumption, saving, and investment of economic resources. Private and Public Goals. Economic decisions are made to serve the goals of individuals and private organizations (private goals) and society as a whole (public goals).
What are the 4 main types of economic systems?
There are four types of economies:
- Pure Market Economy.
- Pure Command Economy.
- Traditional Economy.
- Mixed Economy.
What does decision-making involve?
Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
What is decision-making in business economics?
Decision making means the process of selecting one out of two or more alternative courses of action. The question of choice arises because the basic resources such as capital, land, labour and management are limited and can be employed in alternative uses.