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Friday, May 17, 2019

Impact of the European Economic Crisis

What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics? The determination of whether a resource is scarce is its supply in relation to demand such as land, labor capital and human capital. If there is not sufficient number of resource to satisfy the demands, and then resources are set to be scarce. On the new(prenominal) hand if supply exceeds it demand, then the resource is not scare not only that if the supply of a goods or service is low, the market value depart rise, providing there is sufficient demand from consumers.Goods and services that are in plentiful supply impart extradite a lover market value because supply can easily meet the demand from consumer. til now there is excess supply in a market, then we can expect to see price fall. The concept of scarcity is because in order to differentiate good in relation to the market, because of the scarcity of resources we withdraw an economic system to d etermine where and who gets the resources. In capitalism it is the free market system that determines this. In socialism the government owns the resources and determines who gets them. . In the coordinate system of graphs, there are ii main relationships between two variables. With the use of numerical examples, describe these two relationships. The two variables is positive means when two variables changes in the aforementioned(prenominal) direction and negative means when two variables changes in opposite directions, the relationship is when one variable rises the other variable falls. Positive relations is to say the I need to exercise 5 hrs a calendar week to loss 2lbs so the next week I will have to work 10 hrs a week to loss 4lbs and 15 hrs to loss 6lbs so on.Negative is buy 1 CD for $5 and when you by three it is 10 so you will pay $3. 33 for one CD on so on . 3. Why is preference important in economics? What are the costs of choice? Choice is important in economics beca use of is the scarcity of goods in the marketplace. Scarcity means that goods are confine in the marketplace, and consumers must choose wisely which positions they will purchase to meet their needs or wants. Consumers will place an internal value on goods they purchase partly based on the available amount of the good.Scarcer goods will force consumers to purchase these periods first, making the economic choice easier for them. Cost choice is the value condition up when choosing to purchase one item over another. The item not purchased represents an opportunity cost, the second-best item available, that the consumer lost purchasing a different item. For example you have to buy $100 worth of groceries nevertheless you only have 75, so you decide to forgo and buy the necessary basic food item that is needed like bread, milk, water, etc. The Role of Choice in Economics How. comhttp//www. ehow. com/about_5398568_role-choice-economics. htmlixzz1jBKaEUeF

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