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How do personal choices factor into the economic decision?
Personal preferences determine demand amongst economic agents.
The maximization of profit and the minimization of losses is the primary factor affecting the economic decision making of?
workers
What three broad categories do economist use to classify all economic systems?
Economic system is some sort of arrangements regarding the production of goods and services to satisfy human wants and needs.Economist deals with three questions to classify all economic system,which are:*What to produce?*How to produce?*For whom to produce?By answering these three questions economists make any economic decision.
What three key economic decisions must every economic system make?
The three key economic decision of every economic system are price, how much to produce, and where to sell the product. This follows the principles of the laws of supply and demand.
What are the economic tools of managerial decision making?
what are the economic tool which help manager in decision making
What is a factor in the decision of what to produce?
availability of Natural Resources
How do personal choices factor into the economic decision?
Personal preferences determine demand amongst economic agents.
When markets or governments make economic decisions about what goods and service their resources will be use to make what economic decision are they answering?
What to produce
What do economic decision involves with resources to produce goods and services for people to consume?
Allocating
The maximization of profit and the minimization of losses is the primary factor affecting the economic decision making of?
workers
What three broad categories do economist use to classify all economic systems?
Economic system is some sort of arrangements regarding the production of goods and services to satisfy human wants and needs.Economist deals with three questions to classify all economic system,which are:*What to produce?*How to produce?*For whom to produce?By answering these three questions economists make any economic decision.
What three key economic decisions must every economic system make?
The three key economic decision of every economic system are price, how much to produce, and where to sell the product. This follows the principles of the laws of supply and demand.
What are the economic tools of managerial decision making?
what are the economic tool which help manager in decision making
What does economic factor mean for a Coca-Cola?
does coca cola have a economic factor
When markets or governments make economic decision about how to most efficiently convert their resources into goods and service what basic economic question are they answering?
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
Are all decisions economic decisions?
Economic factors are very important, but people do sometimes make decisions for other reasons. For example, if I decide to buy a blue shirt rather than a brown shirt, and both shirts cost the same amount, then I have made an aesthetic decision rather than an economic decision. But then, there is first the decision that I can afford to buy a shirt, which is an economic decision. People often choose to do things that will bring them economic hardship, such as buying luxuries that they can't really afford, so economics is not always the deciding factor. People may choose to defy economics, although that is very risky.
What are the three economic questions?
The three economic questions are: What to produce? How to produce it? Who will consume it?
