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.
Why the game of economics does not have a single goal?
Which best explains why the game of economics does not have a single goal? Different people want different things out of life.
Which best explains why the game of economics Cannot eliminate scarcity?
Which best explains why the game of economics cannot eliminate scarcity? No matter how much supply is produced people's demands will always increase to exceed supply.
What are economics goals?
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.
Which is not objective of the firm?
(d) Profit earning. Investment is not an objective of business. Rather, it is a basic requirement of every business. It is the profit motive that serves as the sole objective of every business activity.
Which of the following best explains why the game of economics is about setting goals as much as?
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.
Which best explains why scarcity Cannot be eliminated quizlet?
Which explains why scarcity cannot be eliminated? No matter how much is produced, people will always want more.
Which of the following explains why scarcity Cannot be eliminated?
Which explains why scarcity cannot be eliminated? No matter how much is produced, people will always want more.
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 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.
Is an economic goal of firm?
The main objectives of firms are: Profit maximisation. Sales maximisation. Increased market share/market dominance.
Which of the following Cannot be classified as an objective?
Which of the following cannot be classified as an objective of business? (a) Investment (b) Productivity (c) Innovation (d) Profit earning. Answer: (a) Investment has to be made to start and run a business, thus it is an input and not an objective of business.
Which of the following explain why scarcity Cannot be eliminated?
Which explains why scarcity cannot be eliminated? No matter how much is produced, people will always want more.
Which of the following explains why scarcity is a basic fact of life?
Which explains why scarcity is a basic fact of life? Demand will always be greater than supply.
What is a conflicting goal?
Generically speaking, a “goal conflict” is a state in which different parts of the system are working towards different goals and objectives. Goal conflict as it relates to the work-place has been defined as “the degree to which individuals feel that their multiple goals are incompatible” (John W.
When two economic goals are in conflict it means what?
Conflicting – to which achieving one economic objective results at a cost of the ability to meet another economic objective. Complementary – where achieving one economic objective will also assist in meeting another economic objective.
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.
Why do centrally planned economies have difficulty meeting consumer needs?
Why do Centrally Planned economies have difficulty meeting consumer needs? It eliminates competition, giving businesses no incentive to produce consumer goods of high quality. The bureaucracy is not flexible enough to respond to consumer demands.
Why do many firms fail to achieve the objective of profit maximization?
Profit maximization objective fails to provide any idea regarding timing of expected cash earnings. For instance, if there are two investment projects and suppose one is likely to produce streams of earnings of Rs. 90,000 in sixth year from now and the other is likely to produce annual benefits of Rs.
Are goals non economic?
Non economic goals of a business firm is social responsibility, generation of employment opportunities, wise and sustainable use of environment and fair business practice.
Which of the following Cannot be objective of business?
(d) Profit earning. Investment is not an objective of business. Rather, it is a basic requirement of every business. It is the profit motive that serves as the sole objective of every business activity.
Which of the following Cannot be called objective of business?
Which of the following cannot be classified as an objective of business? (a) Investment (b) Productivity (c) Innovation (d) Profit earning. Answer: (a) Investment has to be made to start and run a business, thus it is an input and not an objective of business.
How does scarcity cause economic problems?
Resources such as land, labor, and capital are limited in relation to their demand and the economy cannot produce all that people required to satisfy themselves. This is why economic problems exist in an economy. Scarcity is universal which is applicable to all individuals, institutions, and the economy as a whole.
What is the main problem in economics?
The fundamental problem in economics is the issue with the scarcity of resources but unlimited wants. Economics has also pointed out that a man's needs cannot be fulfilled. The more our needs are fulfilled, the more wants we develop with time. By definition, scarcity implies a limited quantity of resources.
What is the main cause of all economic problems?
The basic root of economic problems arises from the fact that resources are limited and wants are unlimited thus the resources are scarce. Society must now choose what to produce, how to produce and for whom to produce.
What are the causes of conflict?
Broadly, there are five causes of conflict:
- Information – Something was missing, incomplete or ambiguous.
- Environment – Something in the environment leads to the conflict.
- Skills – People lack the appropriate skills for doing their work.
- Values – A clash of personal values leads to conflict.
What are the types of goal conflict?
Three types of goal conflicts have been identified. These are: Approach-approach conflict, Approach avoidance conflict, Avoidance-avoidance approach.
Which basic economic goals can be achieved easily in a traditional economy which Cannot?
Which economic goals can be achieved easily in a traditional economy? Which cannot? Equity or basic needs can be achieved easily meanwhile government freedom, choices and security can be more difficult to achieve.
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.
What are the disadvantages of planned economy?
Some of the cons include a lack of efficient resource allocation, lack of innovation, and the needs/preferences of society may be ignored due to poor planning.