Answer to Question #193241 in Management for Kwabena

Question

1. describe four characteristics each of the various economic resources.

1. Explain the following concepts:

a. Scarcity

b. Choice

c. Opportunity cost

d. Resources

2. State four features each of the three economic systems.

Answer 1

Four characteristics of various economic resources

Are scarce/limited in supply-----one cannot have all economic resources they may want. - Have money value----you can attach monetary value on them. - Have utility----are useful and can satisfy a want. - Are unevenly distributed----some areas /country have more than others.

2

Scarcity _ the state of being in short supply

Opportunity cost_ the loss of other alternatives when one alternative is chosen

Choice _ one selection or preference

Resources _ one which a person uses to achieve an objective.

State four features each of the three economic systems

Command economic system _ A command economy does not allow market forces like supply and demand to determine what, how much, and at what price they should produce goods and services. Instead, a central government plans, organizes, and controls all economic activities, discouraging market competition

Market economic system __ private property, freedom of enterprise and choice, the role of self-interest, competition, markets and prices.

Mixed economic system _

• (i) Co-existence of Private and Public Sector:
• (ii) Personal Freedom:
• (iii) Private Property is allowed:
• (iv) Economic Planning