What is your opportunity cost of taking this course at Berkeley College? How does the role of scarcity influence decisions that you have to make?

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: Find one positive or one normative statement. Explain how you know they are either a positive or…

A: One positive statement : Moffatt cited similar problems in Alaska, home to a national dividend fund…

Q: How did social media disrupt freethought? (Use Philippine politics as an example)

A: It is simple to express free opinion on social media, however unfortunately, social media may also…

Q: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: Which of the following examples illustrate why even the 1,826 billionaires in the world face…

A: Basics:- Scarcity is measured as shortage of resources against unlimited human wants. In the given…

Q: Identify from the situation positive and normative economics and give your reasons.

A: Positive and normative economics are the two disciplines of modern economics.Positive economics…

Q: Which of the limitations listed below best explain why scarcity occurs? Select the correct answer…

A: The inequitable distribution of resources is one of the fundamental causes of scarcity. There are…

Q: What is the difference between normative and positive statements?

A: Positive statement: - positive statements are those statements which described the things as it is…

Q: What is scarcity in economics, provide an example.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: Give one example each of a positive and a normative statement.  Use your own example and not one…

A: The value of economic fairness, or what the economy "should" or "ought to be," is that the focus of…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don't go…

A: Opportunity cost refers to the value of next best alternative use of given resources.

Q: Economists sometimes disagree; why? Group of answer choices A. by not computing the opportunity cost…

A: The correct option is C. Normative statements are those which are related to 'what ought to be'.…

Q: how does scarcity affect enconomic decisions?

A: Scarcity implies that the demand for a good or service is more prominent than the accessibility of…

Q: Although attending college is expensive, time-consuming, and requires effort, but people decide to…

A: According to the ration consumer theory, when the marginal benefit (MB) gained from consuming…

Q: Does an individual consumer really have a voice in answering the basic four economic questions…

A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…

Q: What will happen if there is no scarcity? Explain.

A: Scarcity is the basic problem of economic and it refers to the gap between the scarce – resources…

Q: What is the importance of learning Economics to our present Political and Economical Conditions…

A: The importance of learning Economics to our present Political and Economical Conditions right now…

Q: It is said that we cannot solve economic problems by making economic solution alone. If is this so.…

A: Economics is the studying of economics as a science. It's a style of thinking about how economies…

Q: What are the decisions that people have usually made that incurred opportunity costs?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Give four examples of normative and positive statements

A: Positive statements deal with some assumptions and conclusions about the state of the world. In…

Q: 9. Scarcity means

A: To find: What is meaning of scarcity.

Q: Why Economics is imporant for ordinary people to know who doesn't have any background about it?

A: The wants and desires of the individuals are unlimited. The resources to satisfy these wants are…

Q: Positive or Normative?

A: Unemployment benefits are the benefits that the government provides to eligible unemployed people.

Q: In Victoria. In Queenslan 4.12.1 Which form of scarcity is depicted in Victoria in the picture…

A: 12.1 - Victoria is facing water scarcity which reached stage 4. Under Stage 4, there are many…

Q: A mattress company can create mattresses to sell in retail stores/online or utilize the same…

A: The word "opportunity cost" is a macroeconomic concept that refers to resource shortage. Due to a…

Q: Explain the difference between positive and normative analysis, backing your explanation with…

A: Positive analysis: - positive analyses are those statements which described the things as it is and…

Q: Why do many think of normative economics as subjective?

A: Normative economics is a branch of economics which deals with the question about economy and what…

Q: Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.

A: The problem of scarcity is the gap between limited resources and unlimited wants. If demand for any…

Q: Describe scarcity an explain how is thinking like an economist help when faced with scarcity

A: The study which includes a discussion about the scarce resources and their efficient allocation…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Why is the economic concept of scarcity a crucial onefor businesspeople to understand?

A: Economics as a subject is used to study and plan the allocation of scarce resources among humans…

Q: Explain how scarcity affects the factors of production.

A: scarcity is the point at which an asset is totally gone or is coming up short. at the point when…

Q: Identify a recent purchase that you made, recently, and determine how scarcity influenced your…

A: Scarcity refers to the finite existence of a resource, or commodity. Humans need a number of goods…

Q: Define positive and normative statements and give four examples of each.

A: Economics is a social science that is responsible for generating theories in addition to studying…

Q: How should we deal with the problem of scarcity?

A: Scarcity:- Scarcity refers to condition of not having enough resources to fulfill our wants. Problem…

Q: Scarcity

A: Scarcity is one of the problem faced by all economy.

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: What is the production possibilities frontier?    A. a map that shows areas of the world in which…

A: Economics relates to the organization of money, business, and industry.

Q: How does the scarcity of resources effect the decisions people make in their everyday lives?

A: Scarcity is the basic foundation for economic decision making process. It would simply means that…

Q: the government should spend less money to * take care of a national park they are making a positive…

A: Positive Economics can be thought of as dealing with the facts, which are true, and cannot be…

Q: How does opportunity cost relate to problem of scarcity

A: Scarcity means that the demand for a good or service is greater than the availability of the good or…

Q: following

A: Scarcity refers to the basic problem being economic in nature which is basically limitless wants and…

Q: Real life example of scarcity forces tradeoff

A: Wants are unlimited but the resources to fulfil those wants are limited. This causes scarcity which…