which factors are considered when deciding how to make goods and services? check all that apply.
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.
Which of the following illustrates deciding how do you 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.
Which of the following is an example of capital Resource quizlet?
They are inputs used to produce goods and services and increasing the amount of resources available could eliminate scarcity. They are the inputs used to produce goods and services. An example of a capital resource is: A.stock in a computer software company.
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 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.
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?
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.
What do critics of the wealth gap argue?
Critics of the wealth gap might argue that: … the wealthy become unable to make investments. buying power exceeds the supply from producers. Economic growth will likely decline over time.
What are the 4 factors of production?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.
Who decides how goods and services will be produced in a command economy?
Government Controls Production in Command Economy
See also war is when the government tells you who the enemy isIn a command economy, the government controls major aspects of economic production. The government decides the means of production and owns the industries that produce goods and services for the public.
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.
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.
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 are some reasons for studying economics check all that apply?
Economics helps people learn to manage resources. Economics describes the reasons products are scarce. Economics explains the roles of producers and consumers. Economics shows how people work together to make money.
What two economic factors determine the value of something?
Market value is based on supply and demand and is the price or amount that someone is willing to pay in the market. Economic value is the measurement of the benefit derived from a good or service to an individual or a company.
Which object is likely to have the most value based on the concept of scarcity?
Silver Necklace becomes the main object to have the most value based concepts of the scarcity in a fine manner. It is available at low price than the Gold and platinum.
How do I value my collectibles?
There are many different methods collectors use to find the value of their collectibles including:- Auction selling prices.
- Online price guides.
- Written price guides.
- Appraisal services on and off line.
- Local antique and collectible dealers.
Which will be accomplished by efficient allocations of the factors of production?
Efficient allocation of resources results in the fulfillment of many needs and wants of the society because when there is a proper allocation, the resources can be saved for future use. It protects the resources from getting waste.
What is the role of the three questions of economics quizlet?
produce goods and services. market goods and services. receive goods and services.
How can producers create their maximum combination of goods?
Answer Expert Verified. If the producers correctly allocate their resources they can create the maximum combination of goods.
How does opportunity cost influence decision making?
We make decisions every day that involve opportunity costs. Often in life, our decisions are mutually exclusive, meaning it simply is not possible to have two things at once. When this is the case, there is an opportunity cost of the thing we did not chose. … This is equally important when making investment decisions.
Why is opportunity cost important in decision making?
With the opportunity cost, you will consider the fact that when you make a choice, you have to sacrifice other options. This helps make more economically accurate decisions that maximize your resources.
What is an opportunity cost explain with the help of an example?
When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.
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 one way that technology can improve the distribution of goods?
What is one way that technology can improve the distribution of goods? … Automation can create goods more cheaply and easily. Businesses can hire factory workers across the world. Container ships can transport a number of goods at once.
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.
Which of the following best illustrates deciding how do you 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.
What is one counter argument to the premise that the wealth gap?
What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed? Investments by the upper class create lower-class jobs. What is the best definition of ownership?
How can the government reduce the wealth gap in a mixed market economy?
How can the government reduce the wealth gap in a mixed market economy? The government can control income levels by placing limits on how much citizens can earn. … The government can tax members of the wealthy class at a lower rate to address differences in income.
What determines the total production of goods and services?
The two most important factors of production are capital and labour. … Capital (K) is the set of tools that workers use, while labour (L) is the time people spend working.
What are the main factors for production of goods and services Class 9?
There are four factors of production i.e. land, labour, physical capital and human capital.
What are 5 factors of production?
Key Takeaways- Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit.
- These include any resource needed for the creation of a good or service.
- The factors of production are land, labor, capital, and entrepreneurship.
Who decides what goods and services will be provided in a free market economy?
In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
