Which of the following is not a economic goal?
Answer. Fair remuneration to employees and Planting trees at the roadside are not economic objectives of a business. ( Explanation: Planting tress at the roadside and fair remuneration to employees does not come under category of economic objectives of a business.
Which best explains why the game of economics is about setting goals as well as making allocation decisions?
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.
What are the goals of the economics?
National economic goals include: efficiency, equity, economic freedom, full employment, economic growth, security, and stability. Economic goals are not always mutually compatible; the cost of addressing any particular goal or set of goals is having fewer resources to commit to the remaining goals.
What are the 3 goals every economic wants to achieve?
To maintain a strong economy, the federal government seeks to accomplish three policy goals: stable prices, full employment, and economic growth. In addition to these three policy goals, the federal government has other objectives to maintain sound economic policy.
Which one of the following is NOT a non-economic activity?
Patriotism, sentiment, sympathy are all emotions, feelings of an individual whereas teaching is an activity which involves money transfer after it is carried out (unless it is intentionally carried out without any pay). Because a teacher gets salary for teaching, it is not an example of non-economic activity.
Which one of the following is non-economic activity give reason?
Activities which are undertaken to satisfy social, religious cultural and sentimental requirements are called non-economic activities. A mother cooking for her family is the example of non-economic activities.
Which of the following best explains why goals are necessary for making allocation decisions?
Which of the following best explains why goals are necessary for making allocation decisions? The available resources cannot be used to pursue every goal that each individual has.
Which best explains what makes allocation decisions necessary quizlet?
which best explains what makes allocation decisions necessary? there are never enough goods & services to satisfy all wants & needs.
What goals are difficult to achieve in a centrally planned economy?
Economic freedom is difficult to achieve because government has the decision to choose how products are made which could limit need for workers. Economic growth would be difficult because there would be no entrepreneurs creating their own product only the government decides what is made.
Why might our economic goals change?
Economic goals shift as our society evolves and our priorities shift. Conflicts among goals are often resolved through politics. large swings in growth and contraction that characterize a free market economy.
How can economic goals be achieved?
Economic Growth: Economic growth is achieved by increasing the economy's ability to produce goods and services. This goal is best indicated by measuring the growth rate of production. If the economy produces more goods this year than last, then it is growing.
What is difference between economic activity and non-economic activity?
Economic activity refers to a human activity related to production and consumption of goods and services for economic gain. Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.
What is the meaning of non economic activity?
A non-economic activity is an activity performed with the purpose of rendering services to others without any considerations of financial gains. Activities that are initiated for personal content or for meeting human sentiments are non-economic activities.
Which one of the following is NOT a non economic activity?
Patriotism, sentiment, sympathy are all emotions, feelings of an individual whereas teaching is an activity which involves money transfer after it is carried out (unless it is intentionally carried out without any pay). Because a teacher gets salary for teaching, it is not an example of non-economic activity.
Which of the following situations is one where the goal of efficiency is being met?
Which of the following describes a situation where the goal of efficiency is being met? When a good is produced with few wasted resources.
Which of the following best explains why the profit motive often leads to efficiency and innovation?
Which best explains why the profit motive often leads to efficiency and innovation? The competition to make profit drives producers to eliminate waste.
Which of the following best explains why resources need to be allocated in the game of economics?
Which best explains why resources need to be allocated in the game of economics? There are not enough resources to produce all of the goods and services that everyone wants.
Why do planned economies fail?
The primary reason due which planned economies fail is the lack of information regarding market demand. In a market, economy firms produce goods that are in more demand.
What is a disadvantage of central planning?
Disadvantages. The disadvantages far outweigh the advantages of a centrally planned economy. The main disadvantage of centrally planned economies is the vast inefficiency that comes from ignoring natural market forces.
Why do economic goals sometimes conflict?
Economic goals are often conflicting because of the scarcity of resources. One goal is accomplished at the (opportunity) cost of another. For example, most economists are convinced that there is a short-run trade-off between inflation and unemployment.
What is the difference between economic and non-economic environment?
The main difference between economic and non-economic activities lies in the fact that the economic activities are carried out to satisfy human needs, whereas non-economic activities are performed for gaining psychological satisfaction.
Why do we differentiate between economic activity and production activity?
Production activity is concerned only with the production of goods and services, but economic activities include various other activities as well such as investing activities, consumption etc. All production activities are economic activities by the vice-versa of this is not true.
What is the main difference between economic and non economic activity?
The main distinction between economic and non-economic activities is that economic activities are carried out to meet human requirements, whilst non-economic activities are carried out to satisfy psychological needs. So, read on to learn more about the contrasts between these two forms of human activities.
What are the main difference between economic and non economic activities?
Economic activity refers to a human activity related to production and consumption of goods and services for economic gain. Non-economic activity is an activity performed gladly, with the aim of providing services to others without any regard to monetary gain.
Why is efficiency the most important economic goal?
Benefits of economic efficiency Working towards efficiency lowers the cost of production, which can then reduce the cost of goods and services for consumers. When an economy is efficient, a business can maintain the quality of its products while decreasing the amount they spend to make them.
Which of the following best explains why the profit motive often leads to?
Which best explains why the profit motive often leads to efficiency and innovation? Profit gives producers more money to be able to buy better resources.
How does the profit motive help lead to efficient use of productive resources?
How does a profit motive help lead to efficient use of productive resources? The more it costs a producer to make something the lower the profit. The profit motive will guide producers to efficient allocation of resources in order to earn as large a profit as possible.
Which of the following best explains why players in the game of economics are often in conflict?
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.
What was the goal of the five years plans were they successful Why or why not?
The First Five-Year Plan was declared a success by Stalin in 1932, about 10 months earlier than planned, having exceeded the production goals for heavy industry. In spite of these declarations of success, the plan failed to meet all the quotas and had an enormous human toll.
What are the problems of economic planning?
(b) The problems associated with economic planning are: (i) Political instability often leads to change in plans. (ii) Inadequate capital makes it difficult to achieve targets. (iii) Another problem is wrong planning due to misplaced priorities.