`Briefly Define Scarcity, Choice, and Opportunity Cost and Explain Carefully

question 104

Essay

`Briefly define scarcity, choice, and opportunity cost and explain carefully how they are related and why they are so essential in the study of economics.

Describe subsistence strategies during the Paleolithic, including food management.

Define diffusion and apply the concept to historical examples of cultural and technological change.

Discuss the significance of domestication and differentiate between domestic and wild plant and animal species.

Understand the basic definitions and calculations of financial metrics such as standard deviation, arithmetic average return, and variance.

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Definitions:

Goods And Services

Goods and services are the products and activities that satisfy human wants; goods are physical items, while services are non-tangible activities or benefits.

Push Model

A business model in which the production process begins with a forecast, which predicts the products that customers will want as well as the quantity of each product. The company then produces the amount of products in the forecast, typically by using mass production, and sells, or “pushes,” those products to consumers.

Make-to-stock

A production strategy where items are manufactured for stock based on demand forecasts, rather than made to order.

Production Process

A cross-functional business process in which a company produces physical goods.