Economics is the study of how a society manages its resources to

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 how markets can allocate resources in a way that they go to those who value them the most.

A: Prices are important in resource allocation. There are benefits and drawbacks to using the price…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: “It is better to pay a regular price than to stand in a long line for a free item.” Discuss the…

A: The term economics is originated from the GREEK word OIKONOMIA meaning the management and study of…

Q: What are three important themes in microeconomics

A: Microeconomics studies the behavior of Consumers, firms and workers as well as how the markets are…

Q: Evaluate the following statement using economic analysis to back up your reasoning: "Mandating the…

A: Ethanol is made from corn in USA. If the use of ethanol would become mandatory in production of…

Q: Economics affects nearly everything we do in some way. Someone else has produced most items we…

A: According to economists, the pricing of some goods/products is extremely/highly inelastic. That is,…

Q: Explain in pictures only, without words on the principles of economics (Theory of demand and supply)

A: Demand and supply are the basic principles of economic. Almost all the major concepts of economics…

Q: 2013 the UK government introduced a Help to Buy scheme that was aimed at helping people to get on…

A: (A) Consequence of Help to Buy scheme (HtB)  The HtB strategy is intended to work as an unwinding of…

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: Solve the attachment

A: Constrained choice happens when a financial(economic) agents must decide the ideal combination of…

Q: Which of the following statements is correct?

A: c) A company must use LIFO for financial reporting if it uses it for tax purposes.

Q: In 2013 the UK government introduced a Help to Buy scheme that was aimed at helping people to get on…

A: When compared to buying a property on the open market, Help to Buy makes climbing on the housing…

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: Multiple Definition of economics

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

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: Can someone type a paragraph in a document approximately 350-450 words about 'technology and…

A: Technology, in economics, refers to the changes in the production process in the manner which…

Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…

A: To determine the production method that a producer must always choose.

Q: Place each example in the appropriate category. Typical of market economies

A: Market economies are the economies that are generally based on demand and supply. There is freedom…

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

Q: Allocative efficiency means that   a the marginal benefit of the product exceeds its marginal cost.…

A: Productive efficiency and Allocative efficiency are two concepts achieved in the long run in a…

Q: advantages and disadvantages of positive economics

A: Positive economics: It means the analysis of objectives in the study of economics.

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: What is scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

Q: Types of demand in economics

A: Demand can be categorized into different types on the basis of various factors. For example, factors…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: People must make choices because the amounts of resources:    a. are unlimited.    b. are…

A: The employment of resources in the economy to create new goods and services to satisfy the wants of…

Q: According to economists, competitive market provides best outcome for consumer, lowest possible…

A: Policymakers and examiners have been voicing worries about the rising grouping/concentration of…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: Describe the field of economics known as microeconomics.What is the cost-benefit principle?

A: Microeconomics is a branch of economics that analyses the effects of incentives and decisions on…

Q: In a market economy the price of something or someone's labor (including wages and salaries paid to…

A: The economics as a study is associated with the process of decision making, where decisions have to…

Q: The human effort applied to the production of goods is called in economics

A: To find : What is human effort applied to production of good in economics

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: A. Demand curve - It is the curve which shows the relationship between quantity demanded and price…

Q: What is the scope of agricultural economists

A: Agriculture Economies is the study of how finite resources are allocated among competing and…

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: 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: Theft redistributes resources in a way that violates Pareto optimality. The account of efficiency…

A: Pareto optimality: It refers to that situation in which the people who are consuming different items…

Q: In your own words, why isn't the cost of producing a product sufficient to predict its market price?

A: The production cost directly impact the price charged for a good or service. As production costs…

Q: Enumerate economic resources in the country considered as scarce, and suggest measures to resolve…

A: Scarcity denotes a finite and limited supply of resources. Because of the scarcity of resources, we…

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: A well educated society can be considered which of the following, as it pertains to economics?…

A: If a person's knowledge and abilities are developed in such a way that they finally result in a…

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…

Q: there are nine characteristics of a market economy. choose two that are, in your opinion, most…

A: A market economy is an economic system in which the economic choices and prices of products and…