Nowadays, is mathematics essential for understanding economic principles?

Q: What are the fundamental difference of Classical Economist and Marginalist?

A: Marginalists make economic decisions over particular unit or marginal unit instead of making…

Q: How did ideas relating to economics vary, and how did these evolve in Europe during the early modern…

A: Economics refers to the subject that helps us solve the problem of scarcity of resources and…

Q: What can we learn from the Strength and Weaknesses of Malthusian Theory?

A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…

Q: Differentiate economics as a social science and applied science?

A: Economics is a social science that studies the interactions between individuals and society.…

Q: Richard Thaler provides three criticisms of the homo economicus model in his book “Missbehaving”.…

A: With the first salvo of wit that will characterise the entire book, Richard Thaler claims that…

Q: What is econometrics? And share one of the primary advantages of using econometrics over typical…

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

Q: Why economics is an applied science?

A: In recent period of time the market and the situations in the world are market by the scientific…

Q: What does mean economics wants. Give Some examples?

A: All wants that can be satisfied by goods or services produced of any kind is knows as economics…

Q: Will giving children/students money help improve their interest in Economics and increase their…

A: When talking about the study of economics and finance, it can be said that a student learns a…

Q: How can we say that economics is considered as social science or how economics is defined as social…

A:

Q: Since everyone has the same needs, we can therefore say that scarcity is an absolute term. Is this…

A: Scarcity is a very important economic problem which shows the difference between the unlimited wants…

Q: Relationship between economic geography and economics

A: The economics is mainly divided in the two parts which are microeconomics and macroeconomics. The…

Q: In which areas John S. Mill did significant contributions. How did John S. Mill's approach to…

A: Mill was a controversial figure in 19th century Britain who advocated for the use of economic…

Q: he study of economics was known by what name from its earliest inception?     political science…

A: Economics refers to the branch of knowledge related with the production, consumption, and transfer…

Q: Based on the law of economics, is an invitation to go to the movies as a birthday gift, considered…

A: In economics, the second principle says "the economic cost of something is what you give up to get…

Q: If scarcity and misallocation are two different concepts, how can either concept be used to better…

A: Scarcity defines the gap between the limitless wants and the limited resources. This situation can…

Q: In what ways do human decision making differ from rational conventional economic theory

A: The rational behaviour is a decision-making process in which chgoices are made in order to obtain…

Q: If two alternative economic models are offered, other things equal, we would

A: An economic model is a simplified version of reality that is used to understand economic behavior by…

Q: Which of the following is an INCORRECT statement regarding economic models? An economic model is…

A: Economic Model : An Economic Model can be defined as the theoretical model of the real life…

Q: Which three key questions do economists try to answer?

A: Economists try to solve various problems existing in the economy.

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: Why is it important for us to use models when studying economics?

A: In economics a Model is defined as a theoretical construct which represents the economic processes…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

Q: How does Homo Economicus influence economic models? Describe an argument against using Homo…

A: In simple terms Homo Economicus refers to the assumption that "human beings are rational" . Most…

Q: Why is economics a social science subject

A: Economics can be defined as the study of people, societies, government and the businesses and how…

Q: In what ways is economics a science and why do economists make assumptions? What is the importance…

A: There are four factors of production which are the economic resources and are as follows:  Land is…

Q: What is Adam Smith's thesis real life example in modern days?

A: The center of Smith's thesis was that people's common inclination toward personal interest (or in…

Q: . In what ways is economics a science?

A: Microeconomics signifies the study of how individuals and firms make their decisions with respect to…

Q: Why economics is a relevant subject, and why it's important?

A: Economics is an important subject for individuals, societies, governments, businesses and…

Q: When it comes to advice being given to policy makers, economists may offer conflicting advices for…

A: Policy makers while taking advice from different economist’s always face conflicts for determining…

Q: Should an economic model describe reality exactly?

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

Q: List of all economic theories

A: There are over 50 economic theories in economics. We are listing 10 policies of them.

Q: How are Milton Friedman’s economic theories applied?

A: Milton Friedman is widely considered to be one of the most important economists and political…

Q: Who is your favorite economic thinker and why? Who is your least favorite economic thinker and why?

A: Keynes is favorite economic analyst  Keynes clarified how the public authority can assume a…

Q: Why is economics is deeply rooted in the concept of scarcity?

A: Professor Lionel Robinson is a person who give importance to scarcity in economics.

Q: Carefully distinguish between economic theory and economic model.  What is the role of value…

A: Economic theory: It is a criteria/study that provides an outlet for research in every area of…

Q: Is economics a science, an art or both ? Give reasons for the answer

A: Economic is defined as a study which seeks to analyze and describe distribution, production and…

Q: What is the contributions of Paul Samuelson to the history of economic thought?

A: Economics is a subject which caters to many other subjects in today's world. Economics helps to…

Q: The branch of economics that is concerned with the study of individual economic unit is known as

A: According to its definition, economics is a social science that examines the issue of product…

Q: According to Richard Thaler, what two things give economics its reputation as the most powerful…

A: Richard H. Thaler is a professor of behavioural science and economics at the University of Chicago…

Q: Define Three Major Uses of Econometrics?

A: Econometrics is the application of the statistical methods to economic data which helps the observer…