« previous next »

Author Question: What are scarce resources? Why are economic agents concerned with the allocation of these resources? ... (Read 56 times)

dakota nelson

  • Hero Member
  • *****
  • Posts: 604
on: Jun 30, 2018
What are scarce resources? Why are economic agents concerned with the allocation of these resources?
 
  What will be an ideal response?

Question 2

Which of the following statements is TRUE?
 
  A) There is a direct relationship between investment and the interest rate.
  B) There is an inverse relationship between investment and the interest rate.
  C) Investment is always less than savings.
  D) There is no relationship between investment and the interest rate.


Joc

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

Scarce resources are resources for which the quantity that people want exceeds the quantity that is freely available. Economic agents need to satisfy their unlimited wants in a world of limited resources. This makes it important for them to understand how these scarce resources are to be used and distributed in order to optimize allocation.

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Your heart beats over 36 million times a year.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

How is this worker trying to avoid becoming a depersonalized unit in a bureaucratic-economic ... How is this worker trying to avoid becoming a depersonalized unit in a bureaucratic-economic ...
Classification of Antihypertensive Agents Classification of Antihypertensive Agents
Metallic Resources Metallic Resources
economic question economic question
economic question economic question
Economic question 5 Economic question 5
Video: Origin of organelles Animation

For a complete list of videos, visit our video library