BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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creating scarcity.
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economizing.
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increasing distribution.
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a producer.
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Detailed explanation-1: -Involves economizing: The process of deciding which goods and services to purchase or provide so that the most satisfaction can be obtained is known as economizing. Involves opportunity costs: When we economize, we decide how scarce resources will be used.
Detailed explanation-2: -In economics, utility refers to the satisfaction gained from consuming a good or service. Total utility is usually defined as a quantifiable summation of satisfaction or happiness obtained from consuming multiple units of a particular good or service.
Detailed explanation-3: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labor available to the economy.
Detailed explanation-4: -the consumer optimum. To maximize your satisfaction when deciding between two goods: you must get the most satisfaction out of every dollar you spend.