What is the importance of studying economics? Give an example how it can help you.

Q: Choose one of the seven principles of economics that apply to microeconomics. Choose a specific…

A: The seven principles of economics are  Scarcity forces tradeoffs Thinking at margin Cost vs benefits…

Q: positive or normative.

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

Q: what is economic activity?

A: Economic Activity is not related to something specific, it includes the process of production,…

Q: What is economy type does the United States have?

A: The U.S. is highly developed country and has a mixed economy. The U.S. economic system features…

Q: What is the economic values?

A: (Q) What is the economic values?

Q: Why do business people study economics?

A: Demand for a good refers to the quantity of that good with the consumers are willing and able to…

Q: Discuss what markets are?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: How does the economy work?

A: An economy is a complex web of interrelated generating and consumption activities that determine how…

Q: What comes to mind when you think about macroeconomics and microeconomics?

A: Macroeconomics is the study of economics at an aggregate level that is when we study the entire…

Q: Why study economics?

A: ExplanationEconomics is the study of markets where there exists  and interaction of buyers and…

Q: What are the 3 economic questions?

A: Economics refers to the study of household management which combines social and capitalist benefit…

Q: Will giving children/students money help improve their interest in Economics and increase their…

A: When talking about the study of economics and finance, it can be said that a student learns a…

Q: Why do we formulate policy?

A: A policy is a set of principles intended to direct decisions and produce objective outcomes. A…

Q: Use economics to explain why people smoke even though they know smoking is not good to their health?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: Why studying economics is fun and why it is useful in personal level?

A: The study of how individuals, groups, and nations manage and use resources is at the heart of…

Q: How can studying economics help you as a student?

A: Studying economics can help students by exposing them to theoretical approaches within the field of…

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: Economics..

A: The workforce or labour force is a concept referring to the pool of human beings either in…

Q: What type of economy is best?

A: There are mainly four types of economic systems: Traditional economic system, command economic…

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 economic issues?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: what does reading shakespeare or dostoevsky add to an economics student?

A: The book by David Hawkes titled Shakspeare and economics explains the economic thoughts that…

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: How the study of history of economics help people in their daily life

A: Economics is related to many aspects of the world. Various countries in the world are carrying out…

Q: What are the economics market

A: The market is a location where the transaction of services and commodities takes place.

Q: Importance concepts of economics?

A: The important concept of economics are Market interest:-  It is one of the essential financial ideas…

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

Q: What goods and services—and how much of each—will be produced?

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: List 1-3 things that you learned about basic economic concepts.

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

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: What’s economics?

A: Microeconomics is the study of specific economic units. An area of economics called macroeconomics…

Q: Explain the Economy and Society?

A: The word economics is derived from the Greek word Oinkonomia which means the management of…

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: what was the economic event and how did you solve the problem

A: Every one of the events which can be estimated as far as cash are named economic events and are…

Q: What would be the solution?

A: TFC = TC at 0 level of Output TC = TVC + TFC AVC = TVC/Output

Q: a paragraph in the initial response in their own words, using microeconomic terminology.

A: Microeconomics is a branch of economics that studies the behaviour of individual economic units such…

Q: George Bernard Shaw stated, "Economy is the art of making the most of life." Which of the following…

A: Here, it is given that, according to George Bernard Shaw, economy is considered as an art to make…

Q: how does a market economy and individual right works? explain.

A: The many laws and ordinances that make up the economy are referred to as the economic system.…

Q: Moral background of natural economics?

A: Economics studies the way a society chooses to use its limited resources, which have alternate uses,…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: What does it mean to think like an economist?

A: Economist think by considering relevant facts about an economy.Different factors such as…

Q: my friend lives in an apartment building. The neighbour smokes, and my friend can smell it. It…

A: Externality is the negative or positive spillover by the consumer or producer which affects the…

Q: What does it mean to be a philosopher

A: A philosopher is an individual who offers view on profound questions in ethics, logic, metaphysics…

Q: What is the opportunity cost of going to college?

A: Opportunity cost is the next best alternative foregone. Opportunity cost=sacrifice/gain.

Q: A). List the Ten Principles of Economics (just the titles). Group them in three categories: (i). How…

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