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One of the characteristics of economic resource is scarcity. Which is the other?
- a)They are in abundance
- b)They are not marketable
- c)They are available in limited quantity
- d)They have alternate uses
Correct answer is option 'D'. Can you explain this answer?
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One of the characteristics of economic resource is scarcity. Which is ...
Economic resources are the assets which an economy may have available to supply and produce goods and services to meet the ever changing needs and wants of individuals and society as a whole.
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One of the characteristics of economic resource is scarcity. Which is ...
Scarcity and Alternate Uses are Characteristics of Economic Resources
Economic resources are the goods and services that are used to produce other goods and services. There are two primary characteristics of economic resources, and they are:
1. Scarcity: Economic resources are scarce, meaning that there is a limited supply of them available. Because of this limited supply, economic resources are often allocated through the marketplace, where prices are determined by supply and demand.
2. Alternate Uses: Economic resources have alternate uses, meaning that they can be used in different ways to produce different goods and services. For example, oil can be used to produce gasoline, plastics, and other products, and land can be used to grow crops, build homes, or extract natural resources.
The Importance of Understanding Economic Resources
Understanding economic resources is important for individuals, businesses, and governments. For individuals, economic resources are the basis of their income and standard of living. For businesses, economic resources are the raw materials and tools they need to produce goods and services. For governments, economic resources are the basis of their tax revenue and the tools they use to provide public goods and services.
In conclusion, economic resources are characterized by scarcity and alternate uses. These characteristics make economic resources valuable and important for individuals, businesses, and governments. Understanding economic resources is crucial for making informed decisions about how to allocate them effectively.
Economic resources are the goods and services that are used to produce other goods and services. There are two primary characteristics of economic resources, and they are:
1. Scarcity: Economic resources are scarce, meaning that there is a limited supply of them available. Because of this limited supply, economic resources are often allocated through the marketplace, where prices are determined by supply and demand.
2. Alternate Uses: Economic resources have alternate uses, meaning that they can be used in different ways to produce different goods and services. For example, oil can be used to produce gasoline, plastics, and other products, and land can be used to grow crops, build homes, or extract natural resources.
The Importance of Understanding Economic Resources
Understanding economic resources is important for individuals, businesses, and governments. For individuals, economic resources are the basis of their income and standard of living. For businesses, economic resources are the raw materials and tools they need to produce goods and services. For governments, economic resources are the basis of their tax revenue and the tools they use to provide public goods and services.
In conclusion, economic resources are characterized by scarcity and alternate uses. These characteristics make economic resources valuable and important for individuals, businesses, and governments. Understanding economic resources is crucial for making informed decisions about how to allocate them effectively.
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One of the characteristics of economic resource is scarcity. Which is the other?a)They are in abundanceb)They are not marketablec)They are available in limited quantityd) They have alternate usesCorrect answer is option 'D'. Can you explain this answer?
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