Question

In: Economics

1. The concept of scarcity in economics refers to   limited resources and unlimited wants a shortage...

1. The concept of scarcity in economics refers to  

limited resources and unlimited wants

a shortage of food

   unlimited resources and limited wants  

the fact that resources can sometimes be limited

2.

How does a decrease in the price of smart phones affect the demand for headphones?

It will likely decrease a demand for headphones.

   

It will likely increase a supply of headphones.

  

It should not have any effect on the headphone market.

  

It will likely increase a demand for headphones.

3.

Common resources are associated with the incentive to (select all that apply)

  

overuse

   

maintain

   

protect

   

trade

   

conserve

   

neglect

Solutions

Expert Solution

1. Limited resources and unlimited wants

The gap between the resources which is limited and the wants of people which has no end is called as Scarcity. The endless want of people for the want of resources which has its limits creates scarcity.

2. It should not have any effect on the headphone market

Usually when one buys a smartphone, headphones come along with it. So even if the price of smartphones come down it will not affect the headphone market. And the people who otherwise want to buy a headphone have to buy it anyways, it does not depend on the price of smartphone alone as there are other phone users too in the market.

3. maintain, protect and conserve

Common resources are the resources which are most commonly used and there is a threat of overuse of it. Like for example Water, which is needed by everyone so it is a common resource and at the same time there is a threat of its overuse and being less in supply one day. So people have to save it, therefore common resource comes with a incentive to protect it, maintain it and conserve it.


Related Solutions

Unit 4 Assessment - Unlimited Desires and limited Resources Explain: How unlimited desires & limited resources...
Unit 4 Assessment - Unlimited Desires and limited Resources Explain: How unlimited desires & limited resources combine to create the need for economic analysis Evaluation Title: Unlimited Desires and Limited Resources In a Microsoft Word document, complete the following. In this assignment, you will be writing an essay explaining how unlimited desires and limited resources combine to create the need for economic analysis. Two of the most fundamental concepts in microeconomics are the assumptions that people have unlimited wants, and...
10) If all resources were unlimited and wants were limited: A) the economy would experience inflation...
10) If all resources were unlimited and wants were limited: A) the economy would experience inflation B) the economy would experience severe unemployment C) the problem of choice would not exist D) everyone would have to work much harder 11) Opportunity cost refers to: A) the cost of equal opportunity programs B) the monetary cost of seizing good opportunities C) something that is forfeited D) the direct costs involved in achieving some objective 12) Opportunity cost is: A) the highest...
1) Why is the concept of “scarcity” important for the discipline of economics? 2) Suppose we...
1) Why is the concept of “scarcity” important for the discipline of economics? 2) Suppose we have a very simple economy – one that only produces beer and pizza. To keep the example simple, suppose this economy is using its resources to produce 20 pizzas and 100 cans of beer. Call this combination of output, A. a) Suppose this same economy could have produced 22 pizzas and 105 cans of beer. Call this combination of output, B. Explain why this...
1.Discuss the relevance of the “scarcity concept” in Islamic economics.  Describe your answer in the form of...
1.Discuss the relevance of the “scarcity concept” in Islamic economics.  Describe your answer in the form of an essay ( 20 mark ) 2.What are the significance of rule-compliance in Islamic economics? Explain with appropriate examples.Describe your answer in the form of an essay ( 20 mark ) 3.How is the notion of scarcity in Islam different from that in conventional economics?Describe your answer in the form of an essay ( 20 mark )
Scarcity arises from limited resources. For this reason, all economic choices involve
Scarcity arises from limited resources. For this reason, all economic choices involve greed. an educated decision. complementary ends. a value judgement. an opportunity cost.
The nervous system is efficient to encode virtually unlimited information with limited resources. What is the...
The nervous system is efficient to encode virtually unlimited information with limited resources. What is the evidence supporting this idea? (300-500 words)
1- Because resources are scarce relative to individuals' wants, the study of economics concerns Group of...
1- Because resources are scarce relative to individuals' wants, the study of economics concerns Group of answer choices how money is important to people. how individuals make choices relating to how to use those scarce resources. 2- A decision made by a rational person Group of answer choices is intended to make the person worse off. would always make the person wealthier. is identical to a decision that would be made by any other person facing the same choices. is...
Explain how unlimited desires and limited resources combine to create the need for economic analysis Outline...
Explain how unlimited desires and limited resources combine to create the need for economic analysis Outline the flow of goods and resources to and from economic decision makers Explain the relationship between consumer demand and producer supply Describe the four basic types of market structures Explain the difference between positive and normative economics and how this affects ethical decision making
Q2:Scarcity exists when there are A)unlimited resources. B)an excess of supply. C)constrained choices. D)fear-mongering politicians. Q43:...
Q2:Scarcity exists when there are A)unlimited resources. B)an excess of supply. C)constrained choices. D)fear-mongering politicians. Q43: The ________ cost of an activity is the highest valued alternative that must be given up to engage in that activity. sunk opportunity fixed variable
The scarcity problem: persists because economic wants exceed available productive resources. has been eliminated in affluent...
The scarcity problem: persists because economic wants exceed available productive resources. has been eliminated in affluent societies such as the United States and Canada. persists only because countries have failed to achieve continuous full employment. has been solved in all industrialized nations.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT