A resource based economy is a holistic socio-economic system in which all goods are available without the use of money and its derivitives. All resources become the common heritage of all of the inhabitants. It would utilize existing resources to enhance the lives of the total population by producing all necessities of life and providing a high standard of living for all. It uses technology to overcome scarce resources by applying clean sources of energy‚ cybernation‚ designing energy-efficient
Premium Renewable energy City Water
Chapter 1 What Is Economics? 1) All economic questions are about A) how to make money. B) what to produce. C) how to cope with scarcity. D) how to satisfy all our wants. 2) An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either a reward or a penalty. D) is the opposite of a tradeoff. 3) An inducement to take a particular action is called A) the marginal benefit. B) the marginal cost. C) opportunity cost
Premium Economics
Economics 472 Economics of Renewable Resources December 8‚ 2010 Time: 2 hours Answer any THREE questions. Do not attempt to answer more than three questions. The three questions that you answer will be given equal weight. This examination is to be returned with your examination booklets. 1. Economists have argued for over sixty years that the economics of natural resources‚ both renewable and non‐renewable‚ is basically an application of the economist’s theory of capital
Premium Natural resource Overfishing Renewable resource
of an important natural resource at a time when it is introducing improved technology. Explain how these events will affect the economy’s production possibility curve (8 marks)? The production possibility curves is a hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one‚ to the production of the other. This essay will take into account the two factors‚ the depletion of the natural resource and the improvement in technology
Premium Economics Natural resource Resource
terms of allocating scarce resources By: Habab Mohamed In the purpose of allocating the resources of a certain country‚ controlling the market flow‚ adjusting and making the rules and policies to manage the market in addition to the pricing of goods in terms of maintaining an efficient economy growth of a certain country‚ economists have been struggling to answer the very questioning issue; what is the most effective economy system in terms of allocating scarce resources? Market economy or
Free Market economy Planned economy Mixed economy
“In Philippines‚ clean water is scarce.” The quest for clean water has become a life or death ordeal in the Philippines after Typhoon Haiyan ’s massive storm surge and quick action needs to be taken to prevent further disease and dehydration. Our proposal is that we should help provide the villagers with the installation of ram pumps‚ villages will benefit in creating a more accessible water system and a healthier environment. The ram pumps will provide clean water to save people from waterborne
Premium Renewable energy Water Drinking water
Policy in Healthcare and Nursing/Scarce Resource Article The Robert Wood Johnson Foundation (RWJF) has just released a new study highlighting the steps 12 states are taking to prevent a looming crisis in nursing. Experts predict the United States could be short more than 260‚000 nurses by 2025 and the study authors say state-level partnerships must take the lead in addressing the problem. The scarce supply and shortage of nursing staff
Premium Nursing Nurse
Economic Importance of Natural Resources The mineral resources constitute a vast potential wealth of our country and varieties of mineral resources are available in all countries namely; iron‚ manganese‚ mica‚ bauxite‚ gypsum‚ titanium‚ thorium‚ uranium‚ chromium etc.‚. These mineral resources‚ when used‚ in a prudent and judicious manner have the powers to convert a developing country into a developed country. Iron: Iron ore plays a key role in the industrialization of a nation and some developing
Premium Iron Aluminium Ore
wants but a very limited amount of resources available for use. It is for this reason that economics is concerned with using those scarce resources as efficiently as possible to attain the maximum amount of production to satisfy the wants of society. Therefore efficiency can be explained as the process by which limited resources are used in such a way to maximise the production and provide society with more goods and services without increasing the amount of resources available to them. This can be achieved
Free Economics
efficient resource allocation refers to an economy ’s ability to meet its obligations in ensuring that all social and economic objectives are met without waste‚ for example to allocate resources so that they are distributed efficiently to improve the standard or living. This is the only way that we can ensure that we will be able to maximize the number of goods and services that we are able to provide. In addition‚ we will also be more likely to guarantee the long term availability of the resources that
Premium Economics Resource allocation Economic system