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- What is the primary concern of economics? A) Studying human behavior B) Understanding market mechanisms C) Allocation of scarce resources D) Analysis of wealthAnalyze the positive versus normative argument sin the following case. What statement of positive economics are used to support requiring air bags? What normative reasoning is used?If the economic incentives "Covid-19" happens, about the goods 'mask', explain how to maximize short- and long-term profits, how government can intervene, problem of government intervention and how to deal with it. Use graphs to explain them.
- Explain with practical examples four (4) problems that could prevent the government from leading the market to optimal allocation of resources?3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.1. Due to heavy rains the price of ground produce increases. a. Which core principle id represented in this scenario above (if any). b. Give an explanation.
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costDefine 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 textNeed answer ASAP... The basic economic problems of the society includes the ___. a. all of the above b. problem of choice c. problem of allocation of resources d. problem of scarcity of resources
- 16. Explain positive and normative statement with examples for each?Timothy receive $100 on his birthday. He wants to buy either a new skate board or a new mp3 player to listen to music while working out but he can only buy one (a) Which core principle is represented in this scenario (if any) ? (b) Explanation ?1. a. Explain the following in not more than half a page - Opportunity cost. - Production possibility frontier. - scarcity b. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. c. Explain the stages of production d. Explain 6 relevance of the stages of production to a business operator.
