Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. How do you apply this statement in actual economic situations in our economy?

Q: With which of the problems faced by every society is microeconomics primarily concerned

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: Questions: A) Detail and describe a decision that you made in the past that contradicts the…

A: Consumers try to maximize their utility in order to get maximum satisfaction, consumers, in general,…

Q: If you claim that an increase in the tax on groceries will result in an increase the price of…

A: The economics as a study is divided into various branches depending upon the entities which are…

Q: Explain why economics is so cool

A: Economics is a study of human behavior that helps to understand how individuals satisfy 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: What is Studied in Microeconomics and Macroeconomics?

A: Economics is the study of how the economy uses its limited resources. Thus, economics is the branch…

Q: what is the difference between a positive statement and a normative statement?

A: According to economists, there are two types of activities within an economy. On the one side, there…

Q: Economics is primarily concerned with: * The future costs of goods O Consumer prices The training of…

A: Since you have asked multiple questions, we will solve the first question from each picture for you.…

Q: Define economics and the features of the economic perspective.

A: Economics is the social science which studies the production, distribution, and consumption of goods…

Q: Would a good economic model be more likely to address a positive statement or a normative statement?…

A:

Q: economics explains economic phenomena according to their cause and effects Which economics explains…

A: Economics is known to be as the branch of specific knowledge which includes with the process of the…

Q: Branches of Economics History of Economic Thoughts

A: Branches of Economics Branches of economics are the micro and macro economics, it is the analysis of…

Q: What is a trade-off? Give two examples of trade-offs that you face in your life.

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

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: Which of the following best illustrates the importance of addressing the three questions of…

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

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: 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: 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: What three institutions influence economics the most? Explain how each influences economics and…

A: Economics is referred as a social science. The word 'Economics' is originated from the GREEK word…

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: 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: Which major characteristic of economists enable them to make sound decisions in solving economic…

A: Decision-making is a multi-step process (from issue recognizable proof through the answer) for…

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: In economics, the concept of scarcity refers to the constrained supply of resources. It states that…

Q: When we say ceteris paribus, it means all other things remain equal all other things remain positive…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Frontiers of Microeconomics Economic behavior is more complex than assumed by conventional economic…

A: The economic model of human behavior is a representation of people’s actions. The concept is based…

Q: Define positive and normative statements and give four examples of each.

A: Economics is a social science that is responsible for generating theories in addition to studying…

Q: Why must economic theories and models be abstract?

A: Economic theory is based upon the assumption that consumers and investors are rational and also…

Q: What is the difference between positive and normative economic analysis? Give an example for each.

A: Positive economics focuses on the description(explanation) of the state of economy…

Q: What good is economic theory if it cannot predict the behavior of a specific individual?

A: Economic theory helps in analyzing the functioning of an economy. It helps in understanding both the…

Q: Who is your favorite economic thinker and why? Who is your least favorite economic thinker and why?

A: Keynes is favorite economic analyst  Keynes clarified how the public authority can assume a…

Q: Describe the procedure of considering economic decisions?

A: The following procedure should be kept in mind while taking economic decisions: Identify the…

Q: The study of economics is best defined as how

A: Human wants are unlimited and means to satisfy these wants are scarce and limited. People face trade…

Q: Carefully distinguish between economic theory and economic model.  What is the role of value…

A: Economic theory: It is a criteria/study that provides an outlet for research in every area of…

Q: Discuss a theory of economics that you identify with - how is this theory applied in real world…

A: Theory of opportunity cost: In economics, opportunity cost can be understood as the second best…

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 methodology of microeconomic analysis and how is it  applied to economic policy analysis

A: Microeconomics is the branch of economics that studies the economy at a micro level like individual…

Q: Who are the forerunners and father of Economics. Explain and discuss their contribution in the field…

A: The greatest economists of the history of mankind or the forerunners of Economics Galileo Galilei…