Apply core economic principle in business decision making

Q: What explains why millions of economic resources tend to get arranged logically and productively…

A: The production is the process of transforming the resources into final goods and services that…

Q: Contrast how a market system and a command economy try to cope with economic scarcity.

A: In market system there is private holding of assets & coordinates the activity of economy…

Q: What is an incremental benefit-cost ratio?

A: An incremental benefit-cost ratio is a type of benefit-cost analysis that helps to understand the…

Q: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: Doctrow uses the following terms to describe; Someone who puts capital into production and…

A: Production: It is a cycle of consolidating different material information sources and unimportant…

Q: Ways in which human decision making differs from the rational individual conventional economic…

A: The decision-making process of an individual that leads to maximum level of satisfaction or utility…

Q: Why mainstream economics has intentionally misinterpreted the pioneers of economic theory?

A: The economics is the social science that studies the allocation of scarce resources and how the…

Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…

A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…

Q: 3 ways by which human decision making differ from rational individual conventional economic theory

A: One theory about the human decision making is the behavioral economics. It differs from rational…

Q: What are the characteristics of a good economic model?

A: Characteristics of a good economic model: 1) The acquisition cost is low compared to the cash flow…

Q: What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of…

A: "Creative destruction," a term originated in the 1940s by economist Joseph Schumpeter, who…

Q: From where concept of economic planning is derived?

A: Economic Planning is the process in which the limited natural resources are used skillfully so as to…

Q: Multiple Definition of economics

A: There are several definitions of Economics given over time. We have covered the most important ones…

Q: Define scarcity?

A: ‘Economics’ is defined as the study of the use of ‘scarce resources’ to satisfy unlimited human…

Q: explain each.You can use an examp

A: The analysis of economic concepts as they are applied to particular circumstances or conditions is…

Q: It is said that we cannot solve economic problems by making economic solution alone. If is this so.…

A: Economics is the studying of economics as a science. It's a style of thinking about how economies…

Q: True or false? Scarcity in economics could be eliminated but poverty could not.

A: Scarcity is gradually considered as one of the basic or primary problem of the economy, the wants…

Q: What are the three categories of paradigms?

A: A paradigm is a comprehensive belief system, world view or framework that guides research and…

Q: In what ways do human decision making differ from rational conventional economic theory

A: The rational behaviour is a decision-making process in which chgoices are made in order to obtain…

Q: The presence of scarcity means that no choices come without

A: Trade-offs or a trade-off is a situation in which a person has to take a decision that involves…

Q: Which of the following economic concepts can be defined as the next best alternative given up when…

A: In economics, we deal with resources which are scarce in nature, the ways to utilise them…

Q: A mattress company can create mattresses to sell in retail stores/online or utilize the same…

A: The word "opportunity cost" is a macroeconomic concept that refers to resource shortage. Due to a…

Q: Identify the types of opportunity cost that people often undervalue,and explain why undervaluing…

A: Opportunity cost is equal to the value of the next best alternative foregone. In other words, the…

Q: Which of the following is an example of a microeconomic topic?  a) How to run a business and earn a…

A: Microeconomics deals with factors that influence people's choice, decisions affecting goods market…

Q: How do Mankiw’s ten principles connect with Baumann’s ten principles

A: Mankiw's principles and Baumann translation of those principles are interlinked to each other.…

Q: Explain why scarcity leads to tradeoffs

A: In economics a fundamental concept is that of scarcity. Contrary to its colloquial use, economic…

Q: describe ways in which human decisions making differs from the rational individual conventional…

A: The behavioural economics is the subfield of economics that integrates the insight of psychology…

Q: Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program.  His annual…

A: Given, Salary from job = $59,000 per year  Tuition expense= $60,300  Books expense = $9,500  Food…

Q: Scarcity

A: Scarcity is one of the problem faced by all economy.

Q: _______ Primary emphasis in the economic model ofsocial responsibility is ona. quality of life.b.…

A: Corporate social responsibility is a sense of responsibility of a business towards social and…

Q: What are the goals of economic engineering?

A: Engineering economics is a part of economics that deals with the use and application of economics…

Q: utilitarianism have good or bad effects on business?

A: The concept of utilitarianism refers to the belief of doing such things that will bring happiness to…

Q: Describe three ways in which human decision making differs from the rational individual conventional…

A: The study of psychology and economics reveal that the human decision making is more complex and…

Q: What are the principle characteristics of positive versus normative economic analysis

A: Positive economics refers to the objective analysis of real-world economic phenomena. It examines…

Q: True/False A change in opportunity costs would probably change a persons behavior

A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…

Q: Give at least 3 Executive orders(EO) or Laws imposed in the philippines that cater the flow of…

A: Answer

Q: According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the…

A: Destruction: It means the act of demolishing something.

Q: What are factors affecting economic analysis?

A: A study of the economic system can be defined as an economic analysis. The economic analysis helps…

Q: How does opportunity cost relate to problem of scarcity

A: Scarcity means that the demand for a good or service is greater than the availability of the good or…

Q: The President's wife should not run as a candidate to succeed her husband." This is an example of:…

A: There are two types of statements- positive and normative.Positive statement is based on facts and…

Q: True/False A Well tested or widely accepted economic theory is often called an economic principle

A: According to the given question Simply we can say that economic principles are those principles…

Q: Real life example of scarcity forces tradeoff

A: Wants are unlimited but the resources to fulfil those wants are limited. This causes scarcity which…

Q: Scarcity is a universal problem. Discuss any TWO (2) limited resources that you faced as a student.

A: One of the central problems of economics is the problem of scarcity which is present in every…