Q: Individuals make trade-offs to a. determine economic values b. cooperate with others c. minimize…
A: Trade off is exchanging something of value. It is kind of relationship between two parties who…
Q: |depicts society as organized around two classes fighting over limited resources.
A: Conflict depicts society has organized around two classes fighting over limited resources.
Q: Condition that arises because society does not have enough resources to produce all the things…
A: There are mainly three economic problems dealt by each nation. These problems are stated below: a)…
Q: Discuss what markets are?
A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…
Q: traditional method
A: GDP: It refers to the goods and services produced in a year in the economy, which helps predict the…
Q: Economics helps managers focus on key issues.
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Factors of production
A: The final goods and services served in the market for the consumers. There are some factors that use…
Q: Which of the features of American Free Market Economy gives choices to consumers?
A: The U.S. economy is a free market(M) economy – a market that is controlled by market demand and…
Q: are needs that we learn during our lifetime. Multiple Choice Ethics Ideals Desires Wants Values
A: Individuals tend to have certain needs and want in order to live a life they tend to desire or wish…
Q: economics for lawyer
A: The law and economy communicates in various ways. Economics and lawyers is the economic survey of…
Q: How can studying economics help you as a student?
A: Studying economics can help students by exposing them to theoretical approaches within the field of…
Q: In capitalist economy, does it project a fair price for the consumer?
A: There are various types of economy . Capitalist economy, socialist economy and mixed economy . Where…
Q: Mass production
A: The manufacturing of a large amount of a standardized product is called mass production. It is used…
Q: What are economic issues?
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: four
A: The characteristics of economic systems are : Command Economy : the government is in turn control…
Q: opportunity cost of producing a product from zero
A: Opportunity cost is the benefit that can be driven by not choosing the other alternative.
Q: Write a positive statement and a normative statement about your favorite hobby.
A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…
Q: Rationing of most scarce goods and services in a capitalist economy is done by: Group of answer…
A: Rationing is described as the artificial restriction of demand or the control over the allocation of…
Q: Economic
A: The given table is:
Q: Scarce economic resources and unlimited wants causes
A: In the economy there are scarce economic resources and that means there are limited resources and…
Q: Purposeful behavior means that: people are selfish in their decision-making. people…
A: Purposeful behavior means that people weigh costs and benefits to make decisions.
Q: how unreflective consumption of goods - in this case, sugar - affect your journey towards the good…
A: How unreflective consumption of goods - in this case, sugar - affect your journey towards the good…
Q: Choose the best answer from the options below: If you and your friend take turns making decisions…
A: Here, it is given that two friends are making decision by taking turn on which movie to watch and in…
Q: Although fiction isn't claiming to be True,it reveals truths about our world or the way (some)…
A: Fiction means that is related to somehow thought that may or may not be related to reality.
Q: Opportunity cost
A: The difference between limited resources and supposedly limitless needs is known as scarcity in…
Q: economic problems is a result of( resources are unlimited and wants are limited it is true or false…
A: The measure that depicts the area of production, trade, distribution and consumption of services and…
Q: When people make a choice it is something the basis is more benefit than cost more useful to you…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Opportunity Cost
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: objectives of decision making units of economics
A: There are 3 decision making units in the economy: Households Firms Government
Q: economic issues
A: Economic issues are the basic economic problems related to the efficient allocation of limited…
Q: What would be the solution?
A: TFC = TC at 0 level of Output TC = TVC + TFC AVC = TVC/Output
Q: importance of market structure
A: In economics, market structure refers to how various industries are categorized and distinguished…
Q: someone can enjoy the benefits of the good without bearing the costs.
A: Option D That is someone can enjoy benefits of the good without bearing the costs Free rider…
Q: a paragraph in the initial response in their own words, using microeconomic terminology.
A: Microeconomics is a branch of economics that studies the behaviour of individual economic units such…
Q: set of guidelines for writing effective e-mails
A: We want our email recipients to take our message seriously, but we frequently don't give it much…
Q: Whom to produce
A: Whom to produce:- This issue revolves around determining the type of people who will consume the…
Q: Characterize and give examples of markets.
A: There are two forms of market, Perfect form of market and Imperfect form of market. The Perfect form…
Q: Do marketers create needs?
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: Goods produced on small scale have
A: Formula to calculate elasticity of supply:- ES=∆QS∆P×PQS Where; Q= Quantity supplied P= Price
Q: Recall an issue or situation indicating that production is relevant to making everyone better off.…
A: When a product is put into the manufacturing process, costs occur and various factors of production…
Q: means that the products people demand are being produced at a low cost(making the most of…
A: In economics, the problem of scarcity is addressed by economic agents. As the human wants are…
Q: Give one merit and one demerit of a socialist economy?
A: A socialist economy is the one in which all the considered legal production and decisions related to…
Q: societies make decisions about who gets the goods they produce by:
A: In a society, producers generate different types of products and services to offer I remarks that…
Q: Kayla has a business making steel ornamental lawn statues. The machine she uses to join pieces of…
A: There are 4 types of productive resources namely land, labour, capital & entrepreneurship. These…
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