Political values are important because individuals often use values to Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a group themselves make political decisions make economic decisions d all of the above

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: Explain the role that is played by the three decision makers in the economy

A: The firm, the household, and the government are the three basic economic units that carry out…

Q: If you are the employer of a business establishment, how will you apply utilitarianism using…

A: The utilitarian is used by the business firms to analyze and evaluate the decisions in light of its…

Q: Give three examples of important trade-offs that youface in your life

A: Trade off refers to the situation where one should give up some amount of goods or service on order…

Q: What are the likely consequences of not intervening?

A: The government can intervene in an economy through various ways and this can affect differently to…

Q: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide the…

Q: The opportunity cost of an action is a) the money that you pay take it b)the Value of the best…

A: ‘Opportunity cost’ is what one must give up to get something. Simply speaking ‘Opportunity cost’ is…

Q: Evaluate the following statement using economic analysis to back up your reasoning: "Mandating the…

A: Ethanol is made from corn in USA. If the use of ethanol would become mandatory in production of…

Q: Cooking is a human act but I routinely cook at 6PM everyday so in the brief moment, cooking becomes…

A: "The food movement, with its emphasis on how enjoyable, fulfilling, and morally correct cooking is,…

Q: If behavior is governed by rational self interest why do people make charitable contributions of…

A: Rational self-interest doesn’t mean pure selfishness and greed. It is not blind materialism. It…

Q: Question text It always rains about an hour after you finish washing your car. Concluding that…

A: Option a: Cetreis paribus condition means keeping things constant. Hence, Incorrect   Option b:…

Q: in economics, decisions are necessary because are scarce, while . are practically unlimited. (A)…

A: Economics is the study of producing consuming and distributing goods and services.

Q: Apply core economic principle in business decision making

A: Core economic principles in economics are the one that sets the fundamental truth about the subject…

Q: What type of cost arises from making decisions? a. opportunity b. total с. fixed d. marginal e.…

A: In economics, decision making is the process which includes the decision of a rational individual in…

Q: Timothy received $100 for his birthday. He wants to buy either a new skateboard or a new mp3 player…

A: We only answer one question so we will answer the first one. Please submit a new question specifying…

Q: As the environment changes, the assumptions on which the goals were based, and ultimately the goals…

A: Given the statement is As the environment changes, the assumptions on which the goals were based,…

Q: hich university you want to get admitted to you must have looked for information and then came to a…

A: Decision:The action or method of deciding for something; determination, as of an issue or doubt…

Q: Purposeful behavior means that:        people are selfish in their decision-making.        people…

A: Purposeful behavior means that people weigh costs and benefits to make decisions.

Q: You own a DVD of the film 'A Beautiful Mind'.  The opportunity cost of watching the DVD the second…

A: There are various cost in the economy like variable cost, fixed cost, and opportunity costs.…

Q: Which of the following statements is NOT correct? Select one: a. Economics is a behavioral science.…

A: Ethical economics is primarily concerned with the limitations of the economics of economic agents.…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…

Q: An important trade-off you’re recently faced Describe an incentive your parents offered to you in an…

A: Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one…

Q: Is the opportunity cost of an action a subjective evaluation?

A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…

Q: Rational behavior can be applied to  a) individuals  b) politicians c) government officals d)…

A: Rational behavior explained as a dynamic cycle that depends on making decisions that bring about the…

Q: Rational choice is made by comparing different incentives. is what you must give up to get what you…

A: C is a choice that uses the available resources to best achieve the objective of the person in…

Q: When individuals face viable alternatives, a) there is choice b) there is always cost c) A and B…

A: A choice or possible solution that might work is referred to as a viable alternative.

Q: Is it realistic to think that we account for rational behaviour in every situation?

A: Rational choice scholars are isolated on what the most satisfactory rendition of rational choice…

Q: aking Effective Decisions ften illustrated with a graph or a table, shows the results under…

A: the opportunity cost of a specific action choice is the deficiency of significant worth or advantage…

Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: In the above example, Dina needs to trade-off between swimming and work. If she works, she gets $9…

Q: Write down the merits of deductive method of economics? 300 words

A:

Q: Question-2 Explain by applying these concepts with examples. 1. Rational people respond to…

A: Clarify by applying these ideas with models. 1. Rational individuals answer to motivating forces 2.…

Q: Economics is the study of how a society manages its resources to

A:

Q: ________ can predict the Impact of an economic event on economic choices..

A: According to the given question The events which can be initially measured in the terms of money or…

Q: Question: This specifies that an action that could benefit more people and more subject should be…

A: The term "common good" can refer to something that is shared and beneficial to all or most members…

Q: a)  Describe an important trade-off you recently faced. b) Define opportunity cost and give an…

A: a. Trade off refers to the situation where some amount of goods should be given up in order to gain…

Q: capitalist

A: On the basis of ownership and functioning an economy can be classified into three, that is the…

Q: True/False A change in opportunity costs would probably change a persons behavior

A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…

Q: 1.1) Describe a significant trade-off that you recently faced and give an example of some action…

A: Opportunity cost is gradually known to be as the overall potential loss from a certain amount of the…

Q: What is opportunistic behavior and the example of it? Please asap.

A: The deliberate policy and practise of taking selfish advantages of circumstances is referred to as…

Q: The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the…

A: The opportunity cost can be defined as the cost of one option when another option is choosen.

Q: c) is the value of the next best alternative foregone in making a choice

A: Opportunity cost can be defined in simple words as, the letting the other options go for selecting…