answer choices . This is a function of a large number of factors, many of which we have already considered in depth in earlier chapters. The name of the brand is maybe what you think of first when imagining a brand – it is the base of the brand. These individual choices are only a small ingredient of what we refer to as our economy. Chapter 12 - Entering Foreign Markets Which Foreign Markets? ... deals with scarcity, we have unlimited wants in the face of scarce and limited resources. Personalized courses, with or without credits. ... anotherguy. When you hear classmates, co-workers, or political candidates talking about economics, you will be able to distinguish between common sense and nonsense. In a private enterprise, or capitalist, system, such as in the United States or Japan, the people (consumers, business owners, and workers), make the economic decisions. The economic problem can be illustrated with the concept of opportunity cost. Basic Economic Systems Traditional Economy One in which economic decisions depend upon social customs and rarely changes from generations to generation. How to produce. Q. Economics is the study of scarcity and choice Scarcity means that there is a finite amount of a good or service (Basically they are limited). Log in Join now Middle School. b E 6. Because something is limited, we need to make decisions regarding how we use and allocate our resources. Before understanding these economic problems, let us first understand what an economic resource is. Economics is a social science; it is "social" because basic economic theory examines people and their behavior, and "science" because the concept of economics entails hypothesis formation, testing, mathematical modeling and equations. B) The choice between different foreign markets must be made on an assessment of their long run profit potential. Therefore, the brand name selection belongs to the most important branding decisions. Switch to. When you read articles about economic issues, you will understand and be able to evaluate the writer’s argument. The economic social goal, economic equity, means everyone gets the same amount of money In a traditional economy, the government gets to decide the answers to the 3 basic economic … Identify a particular company (large or small). 300 seconds . Economics A social science that examines how people choose among the alternatives available to them. A basic understanding of economics makes you a well-rounded thinker. Economics M. Welch CHS Unit 1: Basic Economic Concepts What is Economics? When talking about branding decisions, the brand name decision may be the most obvious one. Resources are limted thus we cannot meet every need or want. b. What are the three basic decisions every economy must make? FALSE. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. Type of Economic Problem. Which economic system has a central authority make all of the economic decisions? Booster Classes. List the three basic economic systems. How do traditional, market, planned, and mixed economies make the three basic economic decisions? It is a matter of choices. Another, more popular term for economic system is economy. Log in Join now 1. Homework Help. answer choices . How does each answer the basic economic questions? The production of goods can be handled either domestically, or it can be outsourced to foreign countries. Economic decisions are those decisions in which people (or families or countries) have to choose what to do in a condition of scarcity. Basic Factors Influencing Financial Decisions: A finance manager has to exercise a great skill and prudence while taking financial decisions since they affect financial health of an enterprise over a long period of time. Economics: The study of how people use their scarce resources to satisfy their unlimited wants.. 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