why does scarcity exist? * 1pt\nvoluntary trade has benefits for both parties.\nresources are limited, but…
why does scarcity exist? * 1pt\nvoluntary trade has benefits for both parties.\nresources are limited, but peoples wants are unlimited.\nthe factors of production are endless.\npeople are motivated by incentives.\n\n“peoples choices influence the price of goods and services.” this * 1 point\nprinciple suggests that prices are set by\nproducers (sellers) only.\nconsumers (buyers) only.\nproducers and consumers.\ngovernment only.\n\nin most exchanges between two people * 1 point\none person gains and the other person loses.\nboth people lose.\nboth people believe they are benefiting.\nno one really benefits at all.
Answer
Brief Explanations:
- Scarcity exists because resources are finite while human wants are infinite. Voluntary trade, endless factors of production, and incentives are not the reasons for scarcity.
- The principle that people's choices influence the price of goods and services implies that prices are set by the interaction of producers and consumers, not just by producers, consumers, or government alone.
- In most exchanges between two people, both people believe they are benefiting as they engage in the exchange voluntarily expecting to gain something.
Answer:
- Resources are limited, but people’s wants are unlimited.
- Producers and consumers.
- both people believe they are benefiting