What is the relationship between wants, factors of production, ...

[jazziefee]

What is the relationship between wants, factors of production, scarcity, and choices? Discuss the relationship for an individual and for a society.
 
  What will be an ideal response?

Question 2

Which of the statements below best expresses the relationship between the cost of a medical education and the fees charged by physicians?
 
  A) The greater the average cost of a medical education, the higher will be the fees physicians charge.
  B) The greater the cost of a physician's education in both money and effort, the higher will be the fees they can legitimately set for their services.
  C) The greater the cost to physicians of a medical education in both money and effort, the higher will be the fees they will charge in order to recover the costs they incurred.
  D) The greater the expected cost of a medical education, the fewer physicians there will be and the higher their fees will be.

[recede]

Answer to Question 1

A person faces scarcity whenever his or her wants exceed what he or she can obtain using his or her resources. Because the person cannot fulfill all of his or her wants, the person is forced to choose which wants will be satisfied and which wants will remain unsatisfied. The same results hold true for a society. All societies face scarcity because people's wants are essentially infinite, so that the factors of production available are not sufficient to fulfill everyone's wants. Because of this fact, societies must make choices about which (and whose) wants will be satisfied and which (and whose) wants will remain unsatisfied.

Answer to Question 2

D

[jazziefee]

YES! Correct, THANKS for helping me on my review

[31809pancho]

Thanks for the timely response, appreciate it