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Author Question: What are scarce resources? Why are economic agents concerned with the allocation of these resources? ... (Read 184 times)

dakota nelson

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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

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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


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