0
Still curious? Ask our experts.
Chat with our AI personalities
Beau
Ross
JudyAdd your answer:
Earn +20 pts
What is the difference between a real resource and a virtual resource?
a
Difference between resource labor and resource entrepreneurship?
labour does actual work & entrepreneurship integrated land, labour and capital to contribute in production.
What is the difference between constant opportunity cost and increasing opportunity cost, and how does this impact decision-making in resource allocation?
Constant opportunity cost refers to a situation where the cost of producing one more unit of a good remains the same. Increasing opportunity cost occurs when the cost of producing one more unit of a good increases as more units are produced. In decision-making for resource allocation, constant opportunity cost allows for easier decision-making as the trade-offs remain consistent. On the other hand, increasing opportunity cost makes decision-making more complex as the trade-offs become more significant with each additional unit produced. This can lead to more careful consideration and evaluation of resource allocation decisions.
What is the period of time between an allocation and its subsequent disposal?
lifetime
What is the difference between a common resource and a public good in terms of their availability and usage by the general population?
A common resource is a shared resource that can be depleted if overused, such as a fishery. A public good is a non-excludable and non-rivalrous resource, like clean air, that is available to everyone and cannot be easily depleted.
