Question
Asked Oct 1, 2019

what is microeconomics?

check_circle

Expert Answer

Step 1
Economics is the study of scarcity and choice. The unlimited wants and limited resources
is the core economic problem. It give emphasis on production, distribution and
consumption of goods and services. The two major branches of economics are
microeconomics and macroeconomics.
help_outline

Image Transcriptionclose

Economics is the study of scarcity and choice. The unlimited wants and limited resources is the core economic problem. It give emphasis on production, distribution and consumption of goods and services. The two major branches of economics are microeconomics and macroeconomics.

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Economics

Related Economics Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: The government can force you to sell your personal residence to them for fair market value (reasonab...

A: Answer - The law of eminent domain comes Under the "Taking clause " of the fifth amendment  .  which...

question_answer

Q: The demand for cat treats is represented by the following equation: QD(P) = 300 – 50P, where QD repr...

A: Market equilibrium price and quantity of cat treats:Equate quantity demand and quantity supply to ge...

question_answer

Q: 1. Inventory is: Group of answer choices a. the total amount of goods that a company produces now, r...

A: 1. Inventory is a stock or store of goods. Every company store goods as inventory which will keep fo...

question_answer

Q: Later, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past exp...

A: Click to see the answer

question_answer

Q: 3. What is the Uniform Series Present Worth factor for an interest rate of 5.5% over 20 years?

A: Solution - From the question Uniform series - It is a series of uniform payments which are   uniform...

question_answer

Q: Consider the supply chain involved when a customer purchase from Samsung website. Identify the push/...

A: A company’s supply chain starts from where the products are made and ends when the product reaches t...

question_answer

Q: what is the meaning of ripple effects and how does it affect an economy?

A: The ripple effect describes a situation where an initial decision or action taken by one individual ...

question_answer

Q: Two countries each produce only pork and apples. Peru can produce either 25 thousand pounds of pork ...

A: The table shows production of pork and apple by Peru and Nicaragua:

question_answer

Q: You have been asked by the President of Tim Hortons Inc.’s (TMI) (Click here to review the TMI Case ...

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If y...