EVALUATE THE SIGNIFICANCE OF SCARCITY

Question 1

One of the most fundamental concepts in economics and has profound significant across various aspects of decision making, economics system, and societal organization.
1. Land
2. Labor
3. Capital
4. Time

Answer 1

SCARCITY

Question 2

(10) EVALUATE THE SIGNIFICANCE OF SCARCITY

Answer 2

1. Foundation of Economic Choices
   2.Central Role in Resource Allocation
2. Determining Prices and Value
3. Incentivizing Innovation and Efficiency
4. Impact on Social Inequality
5. Driving Force of Economic Policy
6. Environmental Sustainability
7. Role in Global Economics
8. Scarcity and Human Behavior
9. Moral and Ethical Dimensions

Question 3

scarcity forces individuals, businesses, and government to make choices about how to allocate their resources efficiently. Every decision involves a trade-off choosing one option means were going another.

Answer 3

1. Foundation of Economic Choices

Question 4

which is the next alternative that must be given up when making a choice.

Answer 4

o Opportunity Cost

Question 5

economics as a discipline exist likely because of scarcity.

Answer 5

2. Central Role in Resource Allocation

Question 6

3 types of Central Role in Resource Allocation

Answer 6

1. Capitalist
2. Socialist
3. Mixed

Question 7

come up sa pagbili ng resources based on the price of the product.

Answer 7

Market economy

Question 8

relies on the central planning to address scarcity.

Answer 8

Command economy

Question 9

scarcity is a key determinant of the _____ and ____ of goods and services.

Items that are scars relative to demand typically command higher prices.

Answer 9

3. Determining Prices and Value

Question 10

scarcity drives innovation as individuals and businesses seek way to do more business.

o The need to conserve limited resources or make better use of available ones encourages them to use the technological advancement, new production methods, and create creative problem solving.

o Firms constantly drives to improve efficiency to reduce cost.

Answer 10

4. Incentivizing Innovation and Efficiency

Question 11

scarcity often leads to competition for resources.

Answer 11

5. Impact on Social Inequality

Question 12

• the government are constantly grafting with scarcity in the form of budget, forstaint, limited natural resources, and time sensitive goals.

Answer 12

6. Driving Force of Economic Policy

Question 13

is often yearned toward managing the distribution and utilization of scars resources.

o Include policy like taxation, welfare, environmental conservation, healthcare, and national defense.

Answer 13

Public policy

Question 14

scarcity is like environment especially when it comes to non-renewable resources like fusils, minerals, and fresh waters.

o It highlights the finite nature of natural resources without careful management results deflation due to overcome sanction or environmental degradation and result in law term economic and social challenges such as climate change, laws of biodiversity, and water shortage.

Answer 14

7. Environmental Sustainability

Question 15

interconnected worldwide economic activities that take place between multiple countries.

Answer 15

8. Role in Global Economics

Question 16

Scarcity is also considered by some to encourage hoarding behavior.

Answer 16

9. Scarcity and Human Behavior

Question 17

so that they can act with greater awareness and sensitivity in the classroom, which will improve the overall quality of their interactions with students.

Answer 17

10. Moral and Ethical Dimensions

Question 18

Microeconomics and macroeconomics are the two main branches of economics, and while they are interconnected, they focus on different aspects of economic behavior

Answer 18

DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS

Question 19

Deals with individual markets and actors

Answer 19

MICROECONOMICS

Question 20

Looks at the economy as a whole.

Answer 20

MACROECONOMICS

Question 21

Key Areas of Microeconomics:
Importance of Microeconomics:

Answer 21

1.Consumer Behavior.
2. Supply and Demand.
3.Production and Cost.
4. Market Structures.
5. Elasticity
6. Externalities and Market Failure

Question 22

Key Areas of Macroeconomics:
Importance of Macroeconomics:

Answer 22

1.Gross Domestic Product (GDP).
2.Unemployment.
3.Inflation
4. Monetary Policy.
5.Fiscal Policy.
6.International Trade and Finance.
7. Business Cycles

Question 23

Key Areas of Macroeconomics:
Importance of Macroeconomics:

Answer 23

1.Gross Domestic Product (GDP).
2.Unemployment.
3.Inflation
4. Monetary Policy.
5.Fiscal Policy.
6.International Trade and Finance.
7. Business Cycles