A Society Allocates Its Scarce Resources to Various Uses

question 19

Multiple Choice

A society allocates its scarce resources to various uses.These scarce resources include

• A)land.
• B)people.
• C)machines.
• D)All of the above are correct.

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Definitions:

Competitively Organized

Referring to markets or industries where multiple firms exist in competition with one another, ensuring no single entity controls the market prices or supply.

Economic Profits

Profits that exceed the opportunity costs of all inputs, considering both explicit and implicit costs.

Economic Consultant

A professional who provides expert advice on economic strategies, market analysis, policy formulation, and financial planning to businesses or governments.

Short Run

An economic duration where a minimum of one factor, like the size of a facility, remains constant and unchangeable.