Purposeful behavior means that:        people are selfish in their decision-making.        people weigh costs and benefits to make decisions.        people are immune from emotions affecting their decisions.        decision-makers do not make mistakes when weighing costs and benefits.

Q: Individuals make trade-offs to a. determine economic values b. cooperate with others c. minimize…

A: Trade off is exchanging something of value. It is kind of relationship between two parties who…

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: Which of the following statements about the self-concept is true? Group of answer choices The ideal…

A: The term "self concept" refers to a self-concept formed by one's own views about oneself and others'…

Q: Is it okay for a company to take a utilitarian approach and use deception or lies about their…

A: It is okay for a company to take a utilitarian approach and use deception or lies about their…

Q: “It is better to pay a regular price than to stand in a long line for a free item.” Discuss the…

A: The term economics is originated from the GREEK word OIKONOMIA meaning the management and study of…

Q: Ways in which human decision making differs from the rational individual conventional economic…

A: The decision-making process of an individual that leads to maximum level of satisfaction or utility…

Q: Rational choice theory is an economic principle that assumes individuals always make prudent and…

A: Rational choice- It refers to every choice made that is completed by first taking into consideration…

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: Positive statements are: (a) Statements of description that can be tested (b) Statements of…

A: Economists are more likely to be acting as scientists when economists make positive statements.

Q: Efficiency means that Select one: a.society is getting the maximum benefits from its scarce…

A: The efficiency is achieved where the resources are fully utilized.

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: Mr. Tahir wanted to take his family on a holiday. There are three members in his family. Two members…

A: There are several approaches that deals with significant analysis and events and might belong to…

Q: Describe 3 ways in which human decision differs from the rational individual conventional economic…

A: The behavioural economics is the subfield of economics that integrates the insight of psychology…

Q: How does cost-benefit analysis differ from cost-effectiveness analysis?

A: Definitions: Cost-benefit analysis:  A cost-benefit analysis assesses the profitability of…

Q: Which quote best represents a person performing a cost-benefit analysis?

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: Need proper explanation

A: Central bank is the head of all commercial banks. There are many responsibilities that the central…

Q: In economics, rationality means that choices must be made generally the same among individuals.

A: Rationality means when people make decisions they make decisions on the basis of information…

Q: What we sacrifice, or give in return, when we make a decision or make a choice is: Response option…

A: Since the resources are scarce, there is a tradeoff between goods.

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Economics helps managers focus on key issues. • Economics helps managers understand goal-oriented…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: examples of personal decisions (could range from small matters to big life-changing decisions) in…

A: A way the world tends to look, analyze and work by comparison of the costs of an action with the…

Q: Are you happy or comfortable in all your decisions from the different situations why?

A: Yeah I can not say I'm happy but I'm satisfied You cannot be proud of your all decisions, because…

Q: advantages and disadvantages of positive economics

A: Positive economics: It means the analysis of objectives in the study of economics.

Q: That the physical product aspect can consist of tangible parts and ideas? true Error

A: Physical Product:- An Specified Item as well as its packing, comprising branding, photographs,…

Q: how unreflective consumption of goods - in this case, sugar - affect your journey towards the good…

A: How unreflective consumption of goods - in this case, sugar - affect your journey towards the good…

Q: economic problems is a result of( resources are unlimited and wants are limited it is true or false…

A: The measure that depicts the area of production, trade, distribution and consumption of services and…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

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 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: Political values are important because individuals often use values to Select an answer and submit.…

A: A political belief suggests how politics should work. The political culture explains how citizens…

Q: How does inherent value differ from instrumental value?

A: Inherent value and instrumental values are a part of the the environmental economics. They are used…

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: Evaluate the following statements and identify if it falls on a positive or negative statement.…

A: Whereas Positive statement is based on facts and figures which can be tested and verified with given…

Q: What are the benefits of The Rational Decision-Making Process?

A: The process of rational decision making is used to make choices among the alternatives. Under this…

Q: Describe three ways in which human decision making differs from the rational individual conventional…

A: The study of psychology and economics reveal that the human decision making is more complex and…

Q: Question 2 A rational person makes a choice if  Group of answer choices the choice makes money the…

A: Rational person is considered to be the one who thinks logically based on intelligence not on…

Q: Discuss the principles of individual decision making with examples

A: People continuously make decisions. Their behavior determines the behavior of the economy as the…

Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

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…

Q: Socialization is defined as ________. A. the process of adjusting and adapting to a…

A: The process of internalizing societal norms and ideals is known as socialization.Learning and…