In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the modern definition of economics is incomplete. What does he say is missing? A. relationship between means and endsB. the concept of scarcityC. the process of transformation of resourcesD. allocation toward competing ends

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A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

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Q: How is the father of economics

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Q: does scarcity relates to price

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Q: what is scarcity?

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

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.