The production of capital goods implies less current consumption of consumer goods. Explain.?
No! you explain!
What do they mean when economists say a good, or resource, is scarce?
Well, without specifics, what we mean by scarcity is that there is less available to the market than the market would demand if there was no limit.Basically, you've got ten million widgets. Which sounds like a lot, but if ten million and ten people both want and can afford a widget, then the widgets are scarce. Since we have those extra ten people who are now sceaming 'let me give you my money’, the markets for widgets are going to adjust.. And the price will rise.What they mean.. And again..I'm playing with the vagueness of the situation, is that the product costs more than it costs to produce because there is more demand than supply
What are some significant examples of scarce resources?
Resources that are commonly accepted as being scarce throughout the world include water, food and forests. Oil and natural gas are also growing increasingly scarce. To an extent, however, resource scarcity is contextually subjective. In wealthier places in which people can afford to pay premium prices for resources that may not be in plentiful supply, the shortage is not likely to be felt as severely as in economically deprived locations.There are a number of reasons behind the worldwide food shortage. As the population of the planet grows, the amount of available farmland is shrinking, and it is becoming more difficult to produce enough crops to feed the world. Drought in some parts of the world, which is directly related to the water shortage, also means that farmers can't produce sufficient crops. Although two-thirds of the planet is covered by water, the majority of it is saltwater, which is not drinkable. Deforestation is also directly linked to the scarcity of food resources. The lack of trees is causing imbalances in local eco-systems, which is interfering with wildlife reproduction and giving way to invasive species that do more harm than good. Scientists believe that if eco-systems become too imbalanced too quickly, they can cause mass extinction.For more questions, any help or advices about Economics, you just can contact us here with a comment or in our website - theeconomicstutor .com!Source: What are examples of scarce resources?
A production possibilities curve illustrates:?
A production possibilities curve illustrates:? A. scarcity. B. market prices. C. consumer preferences. D. the distribution of income. i was thinking of (C) consumer preferences since people prefer to buy more of the output if it is being produce..but i am not sure..if anyone could help me it would be great --------------------------------- Which of the following is a capital resource? A. a computer programmer B. a corporate bond issued by a computer manufacturer C. silicone (sand) used to make computer chips D. a piece of software used by a firm from my understanding---it can't be computer programmer because that is capital labor...and currently it can't be number B because that would be other else....I'm confused..any help with this too..
Economic function of profits and losses? 10 points for best answer.?
Definitely B. Profit means that someone employed resources (capital) in a way that is more desired by consumers. It is also a reward for the risk associated with changing how that capital was employed. Losses tell the person that he didn't employ capital more efficiently, and he had better stop his wasteful use of it, or he'll incur more losses. Profit and loss has nothing to do with any kind of "equal distribution of income" or real assets and wealth. Redistribution of wealth/income towards "equality" means that you take the reward (money) away from the successful and give it to the unsuccessful, thereby removing any incentive for success. If no one wants to try harder, the whole economy will suffer.
What is the difference between capitalism and competition?
For example, professional sports, like baseball and American football, where players compete against each other, but they operate in a system of constraints on whom you can work for and when you can change your employer, as well as constraints on how much teams may spend on players.Of course, the point is that with such sports the competition is the product, e.g., it is entertainment. In other words, there is no market for a pitcher outside of the context of the entertainment of a competitive game, In a market for other goods and services the consumer benefits if the best producer drives the worst producer out of business. But with baseball, we have a situation where, for nostalgic reasons only I assume, the Cubs still exist.
Can somebody explain Mises' "economic calculation problem"?
So lately I've been reading a little bit about the economic debate between socialism and capitalism, and I've come across one criticism of socialism which I just haven't been able to wrap my mind around; namely, Ludwig von Mises' "economic calculation problem". From my Internet searching, I've found very little explanation of how the problem is a problem for socialism, and the explanations I've found so far have gone completely over my head; it just hasn't "clicked" for me yet. I was wondering if somebody could give me the "idiot's guide" to the economic calculation problem. I freely admit that I don't know a whole lot about economics, so please keep that in mind.