Individual's economizing problem is related to decisions about what to produce and what to forgo, based on production possibilities frontier. 1) True 2) False
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- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?Explain the individual’s economizing problem and how trade-offs, opportunity costs, and attainable combinations can be illustrated with budget lines.“Study of economics starts by acknowledging life’s trade- offs”. Discuss the statement incontext of principles of economics about individual decision making.
- please only do: if you can teach explain steps of how to solve each part what is the optimizatio formula to use for foc? please solveWhy is the economic concept of scarcity a crucial onefor businesspeople to understand?a. Explain why scarcity leads to tradeoffs. b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?
- 16. Explain positive and normative statement with examples for each?Discuss the Sixth principle of economics by Mankiw and why it is important to economic activity.Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. plethora realization scarcity profusion
- Explain how scarcity and choice are central to economics. Apply the concepts of scarcity in real-life contexts. Evaluate the opportunity cost of your personal time. Ref: EconInbox ResourceDefine each of the 5 concepts of scarcity, choice, opportunitycost, rational behavior, and marginalism (6% each). Then, foreach concept, give an example (6% each) to show that youunderstand it. i need in words (not handwritten) no copy paste please plagrism free textEconomics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarce