Q: Describe the benefit-cost ratio?
A: Benefit cost ratio is described as a ratio used in cost benefit analysis to sum up the general…
Q: The classical school of economics believe that consumers and producers are rational Is it True or…
A: In certain the value of the Classical theory is generally the self regulations of the economy and it…
Q: Is ketchup a final good or intermediate good?
A: The markets are the place where the buyers of various goods, and services, meet, and interact with…
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: Which activities are as important as the production of goods?
A: Production of goods refers to the creation of utility. This means combining raw material or input in…
Q: What role does the profit motive play in a market economy?
A: Profits are the factor payment to an organization. Profits are important for a business to run. If…
Q: What is the Benefit-Cost Analysis?
A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…
Q: What is the Benefit-cost ratio?
A: The process of analyzing the total benefits and total costs associated with the implementation of a…
Q: How do Adam Smith’s principles of the free market play out in our economy today?
A: Adam Smith is a well-known economists till now as he gave many economic theories and models to help…
Q: Sports utility vehicles, premium sedans, pickup trucks, and compact cars are just a few of the many…
A: An economic system is defined as a system of allocating scarce resources. The economic system has to…
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: What is market reform and individual preferences,
A:
Q: Is economics a study of making choices? Explain.
A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…
Q: Why do we formulate policy?
A: A policy is a set of principles intended to direct decisions and produce objective outcomes. A…
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: What are the features of the human wants in economics
A: Features of Human Wants: Wants are limitless: Human needs are innumerable in number and different in…
Q: Use a real-life example of a social influencer helping create
A:
Q: . What is the benefit of something measured by what you are willing to give up?
A: Measuring the things which are going to be given up will help to compare the decisions, the cost and…
Q: What are the 3 basic questions of economics?
A: The economics as a study is based upon the idea that the economies around the world tend to have a…
Q: what is economics
A: Answer to the question is as follows :
Q: What are the economics market
A: The market is a location where the transaction of services and commodities takes place.
Q: Which three key questions do economists try to answer?
A: Economists try to solve various problems existing in the economy.
Q: How does the Government examine Cost-Benefit analysis?
A: In an economy, cost and benefit analysis refers to the economic concept to understand the…
Q: What is scarce in economics
A: Economics is a subject of social science. It is commonly said that economics is the queen of social…
Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…
A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…
Q: How should marketers respond to the changing environment?
A: It is essential to be proactive always in this rapidly changing environment for marketers. It is…
Q: What are the Indicators of market potential according to Economic factors?
A: The economic indicators measure the performance of various variables and thus make predictions about…
Q: what are 2 assumptions that underline the conclusion that free market are efficient?
A: Free Market Economy:It is a system of the market in which prices of commodities are determined by…
Q: What is the difference between an economy based on individualism and an economy based on…
A: OVERVIEW OF ECONOMIC INDIVIDUALISMEconomic individualism is based on the belief that the government…
Q: When a person demands something (in economics) they must be , and to buy
A: Demand is one the most crucial factors of any kind of microeconomic analysis, which forms a base for…
Q: Goods that satisfy humans wants though their direct use or consumption are called _______?
A: According to the given question In simple words the consumption in economics is basically known as…
Q: What are the factors or market
A: Factors can be defined as the factors being used in the production process which are: Land Labor…
Q: Write the definition of the Benefit-Cost Ratio?
A: The benefit- cost ratio is used in cost benefit analysis and to summarize the complete relationship…
Q: What Is Cost-Effectiveness Measures?
A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…
Q: Economics Significant?
A: Economics is study of human behaviour under scarcity and tradeoffs Human wants are unlimited but…
Q: What is the name for something that changes the trade-offs that people facewhen making a decision?
A: A trade-off is a situation in economics where making one choice or purchasing one good means losing…
Q: Do marketers create needs?
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: In the economy, is there only one efficient combination of goods?
A: Meaning of Production Possibility Curve/Frontier: Production possibility is a curve showing…
Q: How does economics play a role in decision-making at Asian Paints?
A: The corporation can make the best business decisions by analyzing economic aspects.
Q: What are the wants and constraints of those involved?
A: Wants is something that is desired and it is unlimited. Wants can be satisfied by consuming goods…
Q: What examples do you have of goods or services that are both consumer goods and resources depending…
A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…
Q: How does marginality work in economics?
A: when we have two variables say x and y, the change in amount of x caused by one unit change in y is…
Q: How the time affects supply, perishable Goods and how it affects the reproducible goods?
A: After harvest or manufacturing, perishable goods such as fruits and vegetables, dairy, fish, and…
What are the primary wants and the secondary wants?
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- Does a firm have the riight to "create" wants and try to persuade consumers to buy goods and services they didn't know about earlier? 'What are examples of "good" and "bad" want creation? Who should decide what is good and what is bad?What is laissez-faire theory and is it applicable to the economy? Why and why not?How is the father of economics