1. Economics is the study of a. Production methods. b. How society manages its scarce resources. c. How houscholds decide who performs which tasks. d. The interaction of business and government.
Q: Discuss any three principles of economics and how can you apply them in real life?
A: Economics is the study of human behavior regarding the use of scarce or limited availability…
Q: Which is not one of the five fundamental questions that an economy must deal with? How will the…
A: The fundamental economic problem is one of scarcity. The main purpose of studying economics is to…
Q: positive or normative.
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Describe a way that your family interacts in the factor market and a way that it interacts in the…
A: Circular flow of an economy shows that how money and goods and services flow through markets among…
Q: In what way is appoed economics important in tackling economic issues or problems of the country?
A: Applied economics is the appliance of financial assumption to conclude the expected outcome allied…
Q: What is important of studying economics? Give two good examples how the knowledge can help you in…
A: No subject of the current day is so significant as the study of economics. economics oversees the…
Q: What is the importance of studying economics? Give an example how it can help you.
A: Economics signifies a social science that analysis how individual agents in a society make their…
Q: An efficient outcome in economics is one in which the economy is conserving the largest possible…
A: Economic efficiency means that the state of an economy is such that every resource is optimally…
Q: show the difference between free market economy,planned economy,and economey of walfare state.
A: The main three economic system in our economy are market economy, planned economy and mixed economy
Q: Describe the three major tasks of economics. Number one is description number two is evaluation and…
A: Economics is the study of the production and consumption of goods and services after the…
Q: In capitalist system, they are many fraud and illegal things happened. Why it happen?
A: There are various schools of economic thought, each with its own beliefs and principles. In a…
Q: In a market economy, economic activity is guided by Select one: O a. the government O b. central…
A: A market economy is that economy in which economic activities are not regulated by anybody. Instead,…
Q: Intro to Economic Systems What is a "market"? The Circular Flow Incomes lHouse- holds Businesses…
A: What is Market A market is a gathering area where people can come together to exchange products and…
Q: What is the importance of stages of production?
A: There are three stages of production,and they are important for businesses to understand and analyze…
Q: 1. Give 5 characteristics and examples of economics as applied science. 2. Give 5 characteristics…
A: 1. Applied economics is the use of the experiences acquired from monetary hypothesis and examination…
Q: Why do we need to study Economics? 1. ITS FUN 2. IT PROVIDES 3. IT IS UNDERSTANDING USEFUL IN ON HOW…
A: Economics is a part of social science that primarily explains the interaction between people for…
Q: A summary of The Four Factors of Production?
A: The four factors of production are land, labor, capital and entrepreneurship. These are the…
Q: What is Economics, and Why Is It Important? What is Studied in Microeconomics and Macroeconomics?…
A: “Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: Question attached
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Define production and What are the factors of production and what are their reward payments?
A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…
Q: Facing trade-offs, opportunity costs, choosing a little more or a little less, and the influence of…
A: Terms like trade-off, opportunity cost, choosing more or less, and so on are the economic concept.
Q: Explain the nature of economics your own words, the explanation should be different from other…
A:
Q: What are the 3 basic questions of economics?
A: The economics as a study is based upon the idea that the economies around the world tend to have a…
Q: How can we apply economics to everyday life situations? Define Economics? Identify reasons for…
A: Defining Economics: Economics is a combination of two Greek words, eco meaning household and nomos…
Q: What are the economic problems and how we do resolve these problems? ( Explain 4 problems and their…
A: All societies face economic problems which is a problem of how to make the best use of scarce…
Q: What goods and services—and how much of each—will be produced?
A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…
Q: (6) List and describe the 4 types of economic systems. I your description, be sure to define what an…
A: 6)4 types of economic system a)Planned economic system b)Unplanned economic system c)Mixed economic…
Q: From the Microeconomices, regarding to the MRS, how they work out for Ux and Uy? For example:…
A: Marginal rate of substitution refers to willingness of given up units in order to gain some other…
Q: List 1-3 things that you learned about basic economic concepts.
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: e are ten principles of economics. For principles no 1 to 5, give ONE (1) example for
A: Economics aspects is the sociology that concentrates on the production, dispersion, and utilization…
Q: The statement "government should provide affordable health care coverage for every member of…
A: In economics, we can undertake statements in two manners. One in which they are based on facts and…
Q: What does a normative statement describe? A. how the world will be in the future B. how the…
A: A normative statement is an ideological, prescriptive, and judgmental statement. It sets a standard…
Q: Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a…
A: Economics is a part of social science. It explains human behavior with respect to their unlimited…
Q: Normative economic statements? a. contain value judgements b. are usually irrational c. are…
A: In economics, we study how various economic agents like households, firms, and the state make…
Q: what was the economic event and how did you solve the problem
A: Every one of the events which can be estimated as far as cash are named economic events and are…
Q: 1.Table 1: Points X Y A 1200 В 100 900 C 200 600 300 300 E 400 0 Please put your answer in the…
A: Slope = y2-y1/x2-x1 Point A = (x1, y1) = (0, 1200) Point B = (x2, y2) = (100, 900) Slope =…
Q: Economics is the study of a. The population of the country b. The environment of the country c. How…
A: In a country, differ social aspects are studied as economics, politics, sociology, and so on.
Q: Economics how can economics solve societal problems?
A: Economics is considered as a part or branch of social studies as it explains the interaction between…
Q: Find the attached file.
A: Question 1: Economics is the social science which implies different ways of implementing balance…
Q: Which is positive statement and explain
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: a. In what ways is economics a science and why do economists make? b. What is the importance of the…
A: The social science of economics is defined as "the study of the production, distribution, and…
Q: In which kind of market, the consumer gets benefitted and why
A: The markets are the place where the buyers, and the suppliers of the goods, services and other…
Q: Discuss the nature and importance of economics.
A: The interaction amoung people is considered as social activity and these activities are further…
Q: Economics please help all 3 true or false and with explain
A: Since you have asked multiple question, we will answer first question for you. If you want any…
Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…
A: Ans) the correct option is c) Both a and b are correct.
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- Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarceMicroeconomics is best described as the study of a. economy-wide phenomena. b. how households and firms make decisions and how they interact in specific markets c. the flows of dollars between households and firms. d. markets for land, labor, and capital.The primary focus of the study of economics is on:a. expanding the production of goods and services.b. making the most efficient use of scarce productive resources.c. equalizing the distribution of consumer income and wealth.d. reallocating resources from consumption to production in the economy.
- An economic system: a. must choose pure capitalism to adequately answer the three economic questions. b. must answer the three economic questions to the satisfaction of everyone in society. c. is a set of social institutions and mechanisms organized to answer society's three primary economic questions. d. can address problems of scarcity only by embracing the social institution of private property. e. must not allow some members of society to gain an unfair advantage when answering the three economic questions.Positive economics is: a. An investigation or statement that attempts to examine or understand how the world actually operates or how the world is operating. b. An investigation or statement about the norms and culture of other countries. c. An investigation or statement that attempts to describe how the world should be or ought to be. d. An investigation or statement about the positive benefits of a given country.production possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.
- Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a business most profitably.c. how to predict inflation, unemployment, andstock prices.d. how the government can stop the harm fromunchecked self-interest.25. COVID has badly affected the world economies. Most of the countries are reporting a significant decline in the GDP. This issue comes under the category of _____________. a. Microeconomic b. Macroeconomic c. Local economy d. None of the optionsNormative economics is: a. An investigation or statement about the norms and culture of other countries. b. An investigation or statement that attempts to describe how the world should be or ought to be. c. An investigation or statement about the positive benefits of a given country.
- Give three examples of Science. a. Telephony b. Biology c. Computers d. Robotics e. Chemistry f. Zoology1.Economics is considered practical science because: a.the output level of an economy is mathematically derived. b.the consumers are assumed to make rational decisions. c.the allocation of the scarce resources is done through optimization. d.the marketing strategies are determined by statistical techniques. e.the economic models incorporates every detail of a real-life scenario. 2.The demand for salt in a particular region can significantly increase if: a.the gross income level of the people living in that region increases. b.the price of the salt decreases. c.the price of sugar increases. d.he number of residents increases. e.the cost of producing salt declines. 3.An oil company purchases a fleet of fuel carriers for distribution purpose. This is an example of: a.upstream integration. b.downstream integration. c.conglomerate merger. d.business liquidation. e.horizontal integration.1. Explain the following concepts: a. Scarcity b. Choice c. Opportunity cost d. Resources 2. State four features each of the three economic systems.