Imagine that you are a barber in a world withoutmoney. Explain why it would be tricky to obtaingroceries, clothing, and a place to live.

Q: With countless people competing for the same resources, how do we determine who gets the resources?

A: Economics(e) is the study of how limited-resources with alternative-uses are allocated to different…

Q: Why do you think that the inventions you presented in class matter in terms of making the society…

A: Innovation is important for the progress of the society as it solves such social problems and…

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: Name a way that your family interacts in the factor market and a way that it interacts in the…

A: The market is the place where the buyers and sellers interacts with each other and the exchange of…

Q: You have been working full time but think you would like to earn more money per hour in the future.…

A: For both $10 and $20,30 hours would be the opportunity cost in time.

Q: Classify each of the following statements as positive or normative Statement Firms can increase…

A: Positive economics describes and explains diverse economic phenomena or the "what is" scenario.…

Q: Can you think of any examples of free goods, thatis, goods or services that are not scarce?

A: Goods and services are produced in the economy. These goods are manufactured and sold to public as…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: Given, Number of people = 100  1 ham requires 100 people

Q: Adam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to…

A: In economics, the main goal of all economic agents is to satisfy their unlimited desires and wants…

Q: Ben considers going to the Kings of Leon concert in Philadelphia. A ticket costs $100. If Ben does…

A: The opportunity cost denotes the amount of potential gains (or benefits) that an individual or firm…

Q: What determines whether or not a rsource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: Pls help with below homework -) Fill in the blank : "When my sister paints the walls and I do the…

A: Here when both the siblings are taking different type of work in their hand then their efficiency…

Q: Explain the following: 1. People are not always rational  2. People care about the fairness of…

A: 1.People are not always rational. Rationality implies where one makes a decision that is for…

Q: I don't understand how to draw a production possibilities frontier.

A: The production possibility frontier (PPF) shows the combinations of output that the economy can…

Q: Both Tom and jerry work eighht hours a day. Tom can produce six baskets of goods per hour while…

A: Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry…

Q: What is the difference between scarcity and poverty?

A: Poverty:Poverty refers to the economic situation of the people in which they are not able to afford…

Q: Kevin is considering going to a rock concert. The ticket will cost him need to spend $3 on gas to…

A: The opportunity cost of doing an activity is the loss of value associated with the next best…

Q: A potential entrepreneur is trying to decide whether to open a new health spa. She currently makes…

A: a) Opportunity cost is the cost of the next best alternative foregone.  If she opens a new health…

Q: An economist would draw no such conclusions. The essential economic question is how resources are…

A: To summarize above pictures, it is important to know some definitions like : IMPLICIT COSTS are the…

Q: Review the six core principles of economics, from topic 2 this week. People choose All…

A: 6 core principles 1.People choose Because there is scarcity,therefore people have to choose between…

Q: Evaluate the following statement, ‘a computer systems engineer could paint his house, but it makes…

A: It is advisable to computer software engineer to hire a painter to paint his house rather than doing…

Q: The branch of economics that assesses how efficienty and equitably an economy allocates its scarce…

A: The overall scarcity of the resources arises only and when the certain given resources or means to…

Q: Sam has two options this weekend. He could work at his job and earn $9/ hour for three hours, or he…

A: Next best alternative cost is the opportunity cost. If Sam is going to theatre, he would spend $30…

Q: ppose you have 4 hours of free time when you can either play a video game or watch 6 episodes of a…

A: Opportunity cost of a activity is the sacrifice of benefit that could be achieved by the doing the…

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: Eva finds that there is not enough time after work to have dinner, exercise, and watch TV, and she…

A: Study of economics states that since resources are limited, society must choose which commodities to…

Q: Karen can make 4 jackets or 17 ties in one day working at the clothing factory can make 8 jackets or…

A: Opportunity cost measures the trade-off between two goods i.e. it measures what we give up to obtain…

Q: s why the market fails

A: Market failure refers to a situation when the market fails to efficiently distributes goods and…

Q: How does school shooting affect Social Economic ? please help

A: Social economics is the branch of economics discipline that is used to determine the link between…

Q: Thousands of people work together every day so that fresh SO steak gets delivered to people in…

A: In a market economy or a capitalist economy resource allocation is left at the hands of the market.…

Q: State the main characteristics of a Market Economy and explain how Market Economy works?

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: Which of the following questions is NOT a microeconomic question? OA. Why is the unemployment rate…

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

Q: Which economic system is characterized by having all public or government owned resources? O…

A: Not each economy has a similar economic and social environment, and these changes occur due to…

Q: What is the Importance of Micro-economics. Or Write a short note on the importance of micro…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: What is Production Efficiency and Inefficiency in economics? Explain with the help of a diagram.

A: The output approach, also known as the production approach, calculates GDP as the difference between…

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: Barb can produce 10 apples or 10 oranges on her farm, while Jim can produce 20 apples or 40 oranges.…

A: What is OPPORTUNITY COST (chance expenses) Financial backers are constantly confronted with…

Q: Who has a greater opportunity cost of enjoying leisure- a janitor or brain surgeon? Explain. Can…

A: Opportunity cost refer to the situation where the given up benefit during the process of gaining…

Q: Sarah is a bartender earning $27.7 an hour Her new favourite video game has just been released and…

A: Costs can be divided into implicit costs and explicit costs. Explicit costs are clearly stated costs…

Q: following examples does not illustrate the principle represented by the adage, "There is no such ing…

A: Answers (d) Kevin must decide between studying for his economics exam and working at his part-time…

Q: why a person would rather live in a market economy or command economy.

A: When talking about economic system, market economy and command economy are two completely different…

Q: Part 3: (Continued from above) Because the Once-lers are motivated by individual profit and won’t…

A: Firm's objective is to maximize the profit and produce where marginal revenue and marginal cost are…

Q: 1. Economic Efficiency 2. Economic System

A: 1. Economic efficiency shows equilibrium between misfortune and advantage. Model scenario: A rancher…