which of the following best illustrates deciding how to produce a specific product
Which Of The Following Best Illustrates Deciding How To Produce A Specific Product?
The correct answer for your question is option (A)-Should we produce jeans with expensive machinery or less expensive labor. Before producing a product that going to hit the market one have to decide how to make it even better.Nov 8, 2018
What factors are considered when deciding what to produce?
Factors of production are resources a company uses to generate a profit by producing goods and services. Land, labor, capital and entrepreneurship are the four categories of factors of production.
Which factors are considered when deciding how do you make goods and services check all?
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 are available to be—are considered part of the labor available to the economy.
What is the role of the 3 questions of economics?
Key terms| Term | Definition |
|---|---|
| Interest | The payment firms make to households in exchange for capital |
| Profit | The payment to entrepreneurs who start or own businesses |
| Market economy | In its purest form, a market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated. |
Which of the following is an example of a capital source?
Building, Machinery, Tools and equipment are some of the examples for capital resources.
Which consideration must a society addressed when deciding for whom to produce?
The consideration that must be addressed when deciding for whom to produce is to determine who needs the goods and services that are to be produced.
What are the main questions of economics involves deciding upon the method for?
One of the main questions of economics involves deciding upon the method for distributing goods and services.
What does assessing opportunity cost involve?
Assessing opportunity cost involves: making choices and dealing with consequences. … Making choices and dealing with consequences.
How does a production possibility Chart assist in outlining opportunity cost quizlet?
How does a production possibility chart assist in outlining opportunity cost? It compares profit potential of one product to another.
When the US government becomes aware of economic changes the discovery is most likely to influence?
The discovery of economic changes by the US government is most likely to influence how the nation allocates resources. Access to information is one of the aid that can greatly help allocates resources which is made possible because of the technology that benefits the US government to react to economic changes quickly.
What are the three economic questions deals with deciding?
One of the three main questions of economics addresses who should: produce goods and services. market goods and services. receive goods and services.
When deciding how do you answer the three key economic questions a country should?
Because of scarcity every society or economic system must answer these three (3) basic questions:- What to produce? ➢ What should be produced in a world with limited resources? …
- How to produce? ➢ What resources should be used? …
- Who consumes what is produced? ➢ Who acquires the product?
What are the 3 basic problems of economics?
Ans. – The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.
Which of the following is the best example of a capital good?
Examples of capital goods include buildings, furniture, and machines like construction vehicles. All of these help drive economic work.
What does social capital involve?
The term social capital refers to a positive product of human interaction. The positive outcome may be tangible or intangible and may include useful information, innovative ideas, and future opportunities.
What are 4 examples of capital resources?
Capital resources are goods produced and used to make other goods and services. Examples of capital resources are an office building, office copying machine, pots and pans and a wrench. Ask the students for other examples of capital resources.
Which consideration must a society address when deciding for whom to produce a potentially scars or limited resource?
Which consideration must be addressed when deciding for whom to produce. The correct answer is deciding who needs the goods and services that are about to be produced.
Who are workers employed by in a communist command economy?
In a communist command economy, workers are employed by: the agencies.
Which situation is the best example of regulation in an economic system?
The correct option is: “A state agency has been created to monitor the production and distribution of sports drinks.”
What are the three main questions of economics addresses who should?
In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce?How should we produce it?For whom should we produce it?
What is the role of the three questions of economics quizlet?
produce goods and services. market goods and services. receive goods and services.
What is the best definition of ownership quizlet?
What is the best definition of ownership? Ownership is the right to possess land or goods.
Which example illustrates opportunity cost?
The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment). A commuter takes the train to work instead of driving.
Which of the following best defines opportunity cost?
Opportunity cost is defined as the value of the next best alternative. In this case your next best alternative is to get a five-dollar dinner at Burger Joint.
How do you compare opportunity costs?
An investor calculates the opportunity cost by comparing the returns of two options. This can be done during the decision-making process by estimating future returns. Alternatively, the opportunity cost can be calculated with hindsight by comparing returns since the decision was made. See also Why Are Decomposers Important To The Ecosystem?How does a production possibility Chart assist in the outlining opportunity cost?
How does a production possibility chart assist in outlining opportunity cost? It compares production numbers of one product to another. … Wanting to expand into selling potted plants, they create a production possibility chart to asses whether the potted plants are a good idea.
How does a production possibility Chart assist in outlining opportunity cost Brainly?
The production possibility chart/frontier assist in outlining opportunity cost as it compares the production cost of one product to another. The purpose of this curve/chart/frontier is to show the different combinations/mixture of two goods that are produced by the given resources.
What is Ricardo’s opportunity cost quizlet?
Look at the sample production possibility curve. Which point indicates an inefficient allocation of resources? Venya and Kari own a flower shop that specializes in custom bouquets.
What role do government agencies play in a mixed market economy?
What role do government agencies play in a mixed market economy? They regulate some aspects of production and distribution. … What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them.
Which situation best reflects the concept of free enterprise?
Free enterprise is when people enjoy many economic freedoms. Having this in mind, the situation that best reflects the concept of free enterprise is the first choice – consumers have a choice between two bakeries in a single city block.
How does the economy of Cuba differ from the economy of North Korea?
North Korea has a command economy where the government is centrally planned and directed, whereas Cuba has a socialist economy.
Which factors are considered when deciding how do you make goods?
Factors considered when deciding how to make goods and services are land, labor and capital. Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
What determines the value of an item?
The correct answer is d. the resources consumed in production. The value of an item is often depicted by its price in the market.
How would a manufacturer benefit by using fewer scarce resources?
How would a manufacturer benefit by using fewer scarce resources? The product would be less expensive to produce.
