Discuss the nature and importance of economics.

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: How did ideas relating to economics vary, and how did these evolve in Europe during the early modern…

A: Economics refers to the subject that helps us solve the problem of scarcity of resources and…

Q: Which of the following is a positive, rather than a normative, statement?a. Law X will reduce…

A: There are two types of statements in economics, which are : Positive statement or positive economics…

Q: normative economics define and give example

A: Normative economics: - Normative economics is that branch of economics that passes value judgments…

Q: What are some of the Requirements for Economic Models?

A: An economic model is a simplified version of reality that allows us to observe, understand and make…

Q: In the world, every economy faces the same fundamental economic challenges. Explain briefly what are…

A: Economic issues faced by the world economy including for all the countries as well as region have a…

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: Differentiate economics as a social science and applied science?

A: Economics is a social science that studies the interactions between individuals and society.…

Q: Is economics a science?

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: How is the father of economics

A: Economics is a study of social science which allocates the limited resources to the unlimited wants…

Q: What does mean economics wants. Give Some examples?

A: All wants that can be satisfied by goods or services produced of any kind is knows as economics…

Q: Define the term economics?

A: The study of economics dates back to early Greek, Mesopotamian, Indian, Chinese and many other…

Q: How can we say that economics is considered as social science or how economics is defined as social…

A:

Q: Ralph Waldo Emerson once wrote: “Want is a growing giant whom the coat of have was never large…

A: Economics is a branch of social science which studies the economic agents’ behaviour and their…

Q: The ten principles of economics

A: Meaning of Economic: Economic theory provides different tools for integration or development in…

Q: Why studying economics is fun and why it is useful in personal level?

A: The study of how individuals, groups, and nations manage and use resources is at the heart of…

Q: The three fundamental economic questions are what to produce whom to produce and_________?

A: Generally considering an economic entrepreneur or agent there are three fundamental economic…

Q: WHO IS THE FATHER OF THE MODERN ECONOMICS

A: Economics is the study of social activities in which people interact with each other to make…

Q: Who is the 'father of economics'?

A: To find : Who is father of economics.

Q: What is the importance of economics on individuals that doesn't have any background on it, and how…

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: Explain the inductive and detective methods of economics not more than 300 words. 100 to 150 words…

A:

Q: According to the economic theory known as mercantilism

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: What are normative economics

A: There are two parts of Economics positive economics and normative economics. Positive economics…

Q: What is economics, and how can you benefit from understanding basic economic concepts

A: Economics: Economics matters by investigating how people settle on choices despite the shortage.…

Q: Why Economics is imporant for ordinary people to know who doesn't have any background about it?

A: The wants and desires of the individuals are unlimited. The resources to satisfy these wants are…

Q: Which three key questions do economists try to answer?

A: Economists try to solve various problems existing in the economy.

Q: Describe Economics as a Social Science and as an Applied Economics. What are the different tools…

A: Answer:-  1) Economics as a social Science:- The study of economics is a social science. This…

Q: Using a suitably labeled diagram, discuss the underlying relationship between the Economics System…

A: An economic system refers to a usual mechanism used by communities or governments to coordinate and…

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: What is a Positive or Normative statement. 1. The moon is made of green cheese. 2. I think…

A: Positive economics majorly dealt with what is happening to the macroeconomic variables or what is…

Q: In economics, the difference between normative and positive is that: -normative economics focuses…

A: Normative economics is a statement based on value judgement. Positive statement is just a statement…

Q: What is economics and why is it a relevant subject?

A: Economics is the study of putting the scarce resources to the best possible use that would increase…

Q: A.C. Pigou considered economics as A science of wealth B science of material well-being C science of…

A: Arthur Cecil Pigou considered economics as a study of materialism. He gave the relationship between…

Q: What is economics as a social science

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: Which is the largest figure in economics?

A: Gross nominal product is the largest figure in the economics.

Q: What is economics most concerned with? keeping interest rates low O making money allocating scarce…

A: What is economic most concerned with.

Q: What is core principle in economics

A: While having a fundamental comprehension of financial hypothesis isn't seen as being pretty much as…

Q: What are the costs of attending a particular college or university? What are the costs of taking a…

A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…

Q: How relevant is economics in our everyday lives?

A: Economics is very important and useful to study to make it applicable in our daily lives. There are…

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…