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Questions and Answers
What is the main goal of most economic systems?
What is the main goal of most economic systems?
- To maximize government spending
- To eliminate the desire for goods and services
- To ensure equal distribution of resources
- To allocate scarce resources efficiently (correct)
In the context of economic systems, what is scarcity mainly referring to?
In the context of economic systems, what is scarcity mainly referring to?
- Limited desire for goods and services
- Unlimited availability of labor
- Limited budget or financial capital (correct)
- Unlimited resources available for production
Which type of economy has centralised authorities making decisions on resource allocation?
Which type of economy has centralised authorities making decisions on resource allocation?
- Social welfare economy
- Market socialism
- Command economy (correct)
- Pure capitalism
Why is it important for companies to consider allocating resources efficiently?
Why is it important for companies to consider allocating resources efficiently?
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In which type of economy are resources allocated based on supply and demand in free markets?
In which type of economy are resources allocated based on supply and demand in free markets?
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How does scarcity impact decision-making for both individuals and entities?
How does scarcity impact decision-making for both individuals and entities?
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