Economists Generally Believe That, Although There May Be Advantages to Society

question 25

True/False

Economists generally believe that, although there may be advantages to society from ticket-scalping, the costs to society of this activity outweigh the benefits.

---

Definitions:

Price Signals

Indications to consumers and producers about the scarcity or abundance of a good or service, guiding their economic decisions.

Centrally Planned Economies

Economies where the government or central authority makes all the decisions about what goods and services are produced, how they are produced, and who gets them.

Innovation Lagged

A situation where there is a delay or time lag between the development of a new technology or idea and its implementation or widespread use.

Production Targets

Specific goals set for the quantity of products to be produced within a certain time frame.