Q.1.1 What is the cause of scarcity in the economy?  (a) Limited wants and unlimited resources. (b) Limited wants and limited resources. (c) Unlimited wants and unlimited resources. (d) Unlimited wants and limited resources. Q.1.2 Which one of the following is a microeconomic issue?  (a) The rate of economic growth in South Africa. (b) The price of maize in South Africa. (c) The unemployment rate in Zimbabwe. (d) The South African inflation rate. Q.1.3 What are the three major economic flows?  (a) Income, spending and saving. (b) Spending, production and saving. (c) Income, saving and investment. (d) Income, spending and production

Q: 1- If an economy is producing on its production-possibilities curve, then producing more of one good…

A: Producing on production possibility curve allows the curve to shift away from origin,because trade…

Q: Which of the following accurately describes the fundamental problem at the core of all economic…

A: Economics is a branch of social science that deals with the efficient allocation of finite resources…

Q: Which of the following statement is correct? i. Microeconomic environment affects an entire economy…

A: Microeconomics is more concerned with individual markets, while macroeconomics is concerned with…

Q: 1. Describe productive efficiency and allocative efficiency. 2. Explain the law of diminishing…

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: What are the key elements of the scientific method and how does this method relate to economic…

A: Scientific method is to observe whether the research which is going to be done how much it will…

Q: An efficient outcome in economics is one in which the economy is conserving the largest possible…

A: Economic efficiency means that the state of an economy is such that every resource is optimally…

Q: 1.scarcity 2.choice 3.opportunity

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The idea of _________ in economics is that we have unlimited wants but limited resources. (A)…

A: Answer: The right answer for the above mentioned statement is option : "B" Scarcity

Q: Which of the following statements describes microeconomics?  1.)Inflation in the US increased by 5%…

A: Macroeconomics is the branch of economics that deals with issues concerning the economy as a…

Q: Question One Identify the elements of scarcity, choice, and opportunity cost in each of the…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it…

A: Basic Economic problem of Scarcity: One of the most fundamental economic issues we experience is…

Q: Economic systems: O address the questions what is produced, how it is produced, and for whom it is…

A: Economic System:- An economic system, which is also termed as an economic structure, is a method of…

Q: Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources. (b)…

A: Note:  We’ll answer the first three questions since the exact one wasn’t specified. Please submit a…

Q: Question attached

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

Q: Identify keywords from a given economics word. 1. ECONOMICS 2. ECONOMICS as SOCIAL SCIENCE

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: please help me out please Economic Systems Essay Compare and contrast the ways in which…

A: Traditional economies mainly depend on agriculture or certain other occupations. So what to…

Q: Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of…

A: As per the rules, we only answer one question at a time. Since there is no information on which…

Q: summary, how has the study of the history of economic thought been helpful/not helpful for you? How…

A: How study of History of Economic helpful The knowledge of History of Economic Thought plainly shows…

Q: The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is…

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…

Q: Which of the following is a microeconomic question? a) How can we reduce the unemployment rate among…

A: The economy is the system where goods and services are manufactured, sold, and brought into the…

Q: Which of the following best describe what we mean byresources in economics?

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

Q: match each term with the correct definition ;economics opportunity cost marginal analysis utility…

A: Economics: Economics is defined as the social science that studies how individuals in a society make…

Q: Which of the following a branch of economics that deals with how the economic problem facing the…

A: Economics is divided into different branches.

Q: Question: Which of the following best illustrates the economic way of thinking? a)The ability to…

A: Economic thinking explores how individuals take decisions in the face of shortages, as well as…

Q: Microeconomics is best described as the study of a. economy-wide phenomena. b. how households and…

A: Economics comes from the Greek word which means management of households. In economics, we study the…

Q: 3. Is each of the following statements positive or normative? If the statement is positive, write a…

A: A normative statement expresses a value judgement. This is the speaker's opinion; no one can "prove"…

Q: Discuss purpose and importance of studying economics. Also discuss the scope of microeconomics and…

A: Factors of production or economic resources are the major building blocks of production in an…

Q: _1. Economics is the study of how people utilize their unlimited resources to satisty limited wants.…

A: Disclaimer: Since it is a multi-part question, I am providing you with the answers to the first…

Q: Understanding the Three Questions of Economics The three questions of economics are based on…

A: Economics refers to the household management and maintaining constant balance between the business…

Q: describe.2.countries or societies with 2 different types of economics and compare how the type of…

A: Economy is the system in which livelihood is earned by the people .  And there are three types of…

Q: 1.1 Economics concerns itself with: 1. A systematic understanding of patterns of production,…

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

Q: Problem 1 Is each of the following a positive or normative statement? If it is a positive statement,…

A: Positive and Normative statement Positive statements are based on facts, whereas normative…

Q: According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the…

A: Destruction: It means the act of demolishing something.

Q: For each statement, indicate whether it is a positive or normative statement. Provide your reasoning…

A: Factual statements are positive statements. Verification or test of statement is possible. The…