Assess the importance of Elinor Ostrom’s work for economists?

Q: What are some of the primary ideas of philosopher Karl Marx? What did Marx see during his lifetime…

A: Karl Marx was a revolutionary, sociologist, historian, and economist, whose full name was Karl…

Q: discuss and analyze a current event in economics.

A: Economics is the study of the scarcity of resources and unlimited wants. The unlimited wants can be…

Q: Explain the term models or paradigms?

A: A model is a theoretical construct in economics that represents economic processes through a…

Q: Why the government should not be included in circular flow model and whether you think the…

A: circular flow model Lets understand this concept with an example:- In this circular flow model…

Q: Which intellectual had a profound impact on the works of Thorstein Veblen? a. John Locke b. John…

A: Thorstein Veblen is a socialist and economist who emerged the concept of conspicuous consumption and…

Q: Discuss the role of positive economics and narrative economies in the policymaking?

A: The discipline of economics that deals with describing and understanding economic phenomena is known…

Q: what can the government do to provide awareness and knowledge about people who are not literate in…

A: Answer - Need to find- what can the government do to provide awareness and knowledge about people…

Q: . A theory is an abstraction from reality. What does this statement mean?

A: Economics is a discipline that studies the factors that influence the production of goods and…

Q: Is the economic system self-equilibrating? Does Schumpeter agree?

A: As per classical economists economy is self correcting economy which depends on self adjusting…

Q: Which of the following is not correct? Group of answer choices a Positive statements can, in…

A: Positive statements are mere facts and it cannot be judgemental.Therefore to confirm or refuse it…

Q: Is economics one of the most important in the world?

A: In a world, various activities, actions, and events took place in which people interact with each…

Q: Why do economists sometimes offer conflicting advice to policymaker?

A: The economics is mainly theory-based and its principles and concept are based on assumptions which…

Q: Which school of economic thought was adopted by FDR in the 1930s?

A: President Franklin D. Roosevelt stated that he would help all the people who are at the bottom of…

Q: Need

A: The great reset program by the Klaus Schwann is based on three components .  1. stakeholder economy…

Q: What does the Third World country mean to the subjects of Economics?

A: In economics developing countries are known as third world country.

Q: How do major issues that emerged in the 1980's- for example AIDS, The War On Drugs, and mass…

A: Answer in Step 2

Q: Please explain classical and neo-classical from schools of thought.

A: New classical theories emerged around 1900.

Q: Social scientists: O want models that look exactly like the real world don't like to make…

A: Social Scientist is a person who is an expert in the study of society and analyses the social…

Q: Which of the following is not correct? Select one: a.Evaluating statements about how the world…

A: b. Normative statement can be judged using data alone

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: If scarcity and misallocation are two different concepts, how can either concept be used to better…

A: Scarcity defines the gap between the limitless wants and the limited resources. This situation can…

Q: Explain the role of science in policymaking

A: Scientists who specialise in the realm of public policy can assist government agencies in…

Q: How the study of history of economics help people in their daily life

A: Economics is related to many aspects of the world. Various countries in the world are carrying out…

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

Q: As you read about global economics, complete the chart by filling in the cause or effect

A: Simply said, globalization is the linking of various regions of the globe.Globalization is described…

Q: Share your views on the idea that economists make assumptions in order to make the world easier to…

A: Economist use assumption to make complex things into simple. Economics is a social science and…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

Q: who is Thomas Malthus ?

A: Thomas Malthus was an (English) economist and demographer who was known for his theory on the…

Q: If a politician says that she thinks that healthcare is a basic human right, she is make a ...…

A: Positive statement is the statement that tells as it is. For example, the inflation in the economy…

Q: Discuss the discipline of economics from the end of the 19th century to the present from an ethical…

A: An economic system is a way for governments or communities to distribute and organise resources,…

Q: Why is economics a social science subject

A: Economics can be defined as the study of people, societies, government and the businesses and how…

Q: Can you help me provide a normative statement and an example of a positive statement from a recent…

A: The normative statement is the subjective statement in which valued judgment is passed on the…

Q: Discuss the impact of economic issues on policy formulation and implementation

A: Economics as a study is based upon the basic idea that the wants, and desires of people in the…

Q: Normative statements are... A) Prescriptive, whereas positive statements are descriptive. B)…

A: In general statements are of two types; positive statements and normative statements. Positive…

Q: what are some other things that the Coke employees who sold the secret recipe to Pepsi should have…

A: Economist always make decisions under rationality. Because rationality gives them better choice and…

Q: When it comes to advice being given to policy makers, economists may offer conflicting advices for…

A: Policy makers while taking advice from different economist’s always face conflicts for determining…

Q: How are Milton Friedman’s economic theories applied?

A: Milton Friedman is widely considered to be one of the most important economists and political…

Q: name three parts of the government that regularly rely on the advice from the economists

A: The economies as a study involves the decision making process, where various entities in the economy…

Q: Economic Models? a. are essential representations of the real world b. are used to explain how…

A: Answer: Correct option: (a) Explanation: Economic models are used to find ways in which the economic…

Q: what role do economic ideas play in policy making??

A: Policy making is a decisive role of the government where it sets some policies in order to control…

Q: Is economics a science, an art or both ? Give reasons for the answer

A: Economic is defined as a study which seeks to analyze and describe distribution, production and…

Q: What is the interrelationships between economics and law?

A: "ECONOMICS AND LAW ARE INTERRELATED"......it can be explained with the help of following: Economics…

Q: List 5 important of economics

A: Answer: The study of economics enables us to reach the conclusion of a problem on the basis of data…