Explain the central problem of “how to produce” in economics

Q: is father of economics

A: Adam Smith is popularly called the Father of Economics.  He is famous for his book - The Wealth of…

Q: Discuss scarcity, what role does do it play in determining prices

A: Scarcity is the situation of shortage that arises due to limited resources and unlimited wants.

Q: In what way is appoed economics important in tackling economic issues or problems of the country?

A: Applied economics is the appliance of financial assumption to conclude the expected outcome allied…

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: An efficient outcome in economics is one in which the economy is conserving the largest possible…

A: Economic efficiency means that the state of an economy is such that every resource is optimally…

Q: Two classes of Schumpeter’s dynamic evolution of economy? In his view, write down five combinations…

A: The economics as a study is associated with the allocation of the limited resources with the…

Q: Describe the three major tasks of economics. Number one is description number two is evaluation and…

A: Economics is the study of the production and consumption of goods and services after the…

Q: In a market economy, economic activity is guided by Select one: O a. the government O b. central…

A: A market economy is that economy in which economic activities are not regulated by anybody. Instead,…

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: a) Can you identify and explain your family’s interaction in the market for factors of production…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: Define the term economics?

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

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: Explain why economists disagree on many issues. Give at least two examples of problems upon which…

A: The study of economics deals with the allocation of scarce resources in a manner that most of the…

Q: The end use of the goods categorizes the good as intermediate good and final good.  True/False

A: There is no no specific method to find org category is a good to be as intermediate or a final good.…

Q: When recommending specific policies to undertake, economists make Oa. normative statements. Ob.…

A: Economist provide policy recommendation based on the situation faced by the economy, some of the…

Q: Why do we need to study Economics? 1. ITS FUN 2. IT PROVIDES 3. IT IS UNDERSTANDING USEFUL IN ON HOW…

A: Economics is a part of social science that primarily explains the interaction between people for…

Q: Explain, how does the economy as a whole works? And which economic agents are of the greatest…

A: The economy works on the principle of exchange. A series of exchange of goods, money, and services…

Q: Identify keywords from a given economics word. 1. ECONOMICS 2. ECONOMICS as SOCIAL SCIENCE

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

Q: Facing trade-offs, opportunity costs, choosing a little more or a little less, and the influence of…

A: Terms like trade-off, opportunity cost,  choosing more or less, and so on are the economic concept.

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: Explain the nature of economics your own words, the explanation should be different from other…

A:

Q: Which is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier…

A: Macroeconomics – It is the branch of economics that studies the entire functioning of a national…

Q: A good economic theory

A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…

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: Can you confirm that I am correct with these positive and normative statements: Positive statement:…

A: Before commenting on the type of the statements, it is important to know about the concept of…

Q: 45 "The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type…

A: Consumer price index is the measure to determine the cost of market basket of goods and services.

Q: Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a…

A: Economics is a part of social science. It explains human behavior with respect to their unlimited…

Q: what is your idea about economics

A: Economics is used for the study of how resources can be allocated in an efficient manner. It was…

Q: Which is the largest figure in economics?

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

Q: The circular-flow diagram illustrates that, in markets for the factors of production?

A: The circular flow diagram of a country is defined as the movement of commodities including services…

Q: The Department of family planning estimated that it would costs a middle-income family $550,530 to…

A: Given: Cost of raising a child from age 1-17=$550530

Q: Identify the normative statement out of the following statements. 1) Sri Lanka has reported a…

A: 1.  Given the question is Identify the normative statement out of the following statements. 1) Sri…

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: Name a way that your family interacts in the marketsfor the factors of production and a way that…

A: The factor of production are bought and sold under the factor market, and the final goods or…

Q: describe.2.countries or societies with 2 different types of economics and compare how the type of…

A: Economy is the system in which livelihood is earned by the people .  And there are three types of…

Q: Economics is the study of?

A: Economics is the study of maximizing the use of scarce resources while producing different…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: a good theory or model nat is an economic theory or model? What constitutes a "good" economic theory…

A: In economics, economic agents have to make rational choices so that the limited resources in the…

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: Explain the term free-market economy.

A: There are three types of economies: Free market economy Command economy Mixed economy

Q: As we know everything hsa and every subject has its laws, Define the laws of Economics?

A:

Q: Which of these statements is not true? a. Macroeconomics addresses national economic issues b.…

A: In economics, economic agents have an important role in efficiently utilizing scarce resources so…

Q: Economic models a) are precise replication of the real world  b) answer virtually unlimited…

A: An economy is a collection of organizations and structures that aid in the production and…

Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…

A: Ans) the correct option is c) Both a and b are correct.