BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When will products be produced?
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How will products be produced?
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What products will be produced?
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Who will gets access to the resources and the products they produce?
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Detailed explanation-1: -You are probably used to thinking of natural resources such as titanium, oil, coal, gold, and diamonds as scarce. In fact, they are sometimes called “scarce resources” just to re-emphasize their limited availability.
Detailed explanation-2: -It’s time to wrap things up, but before we go, always remember that the four factors of production-land, labor, capital, and entrepreneurship-are scarce resources that form the building blocks of the economy.
Detailed explanation-3: -All societies face scarcity because all have unlimited wants and needs with limited resources. What basic choices are faced by all societies? Each society must decide what to produce, how to produce it, and for whom to produce it.
Detailed explanation-4: -While most resources and goods are scarce, some are not-for example, the air that we breathe. A resource or good that is not scarce, even when its price is zero, is called a free resource or good.