Why economics is a relevant subject, and why it's important?

Q: What are some of the primary ideas of philosopher Karl Marx? What did Marx see during his lifetime…

A: Karl Marx was a revolutionary, sociologist, historian, and economist, whose full name was Karl…

Q: Explain the term models or paradigms?

A: A model is a theoretical construct in economics that represents economic processes through a…

Q: How did ideas relating to economics vary, and how did these evolve in Europe during the early modern…

A: Economics refers to the subject that helps us solve the problem of scarcity of resources and…

Q: Which intellectual had a profound impact on the works of Thorstein Veblen? a. John Locke b. John…

A: Thorstein Veblen is a socialist and economist who emerged the concept of conspicuous consumption and…

Q: . A theory is an abstraction from reality. What does this statement mean?

A: Economics is a discipline that studies the factors that influence the production of goods and…

Q: Is economics a science?

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

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: Is economics one of the most important in the world?

A: In a world, various activities, actions, and events took place in which people interact with each…

Q: Why do economists sometimes offer conflicting advice to policymaker?

A: The economics is mainly theory-based and its principles and concept are based on assumptions which…

Q: Why study economics?

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

Q: How is the father of economics

A: Economics is a study of social science which allocates the limited resources to the unlimited wants…

Q: Explain why economists disagree on many issues. Give at least two examples of problems upon which…

A: The study of economics deals with the allocation of scarce resources in a manner that most of the…

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: In what ways is economic science similar to the natural sciences? In what ways is it different? What…

A: Economics is unique compared to other academic disciplines in that it is more theoretical than other…

Q: Who did John Maynard Keynes advise with his economic theory?

A: The macroeconomic economic theory of total expenditure in the economy and its consequences on…

Q: Relationship between economic geography and economics

A: The economics is mainly divided in the two parts which are microeconomics and macroeconomics. The…

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: Economics who collect data and use it to test models are engaging in  a) normative economics b)…

A: Basics:- Normative economics:-  This segment of economics suggests the desired outcome on economics…

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: How can you say that economics is part of today's society?

A: The resources in our economy are limited while the wants are unlimited. This makes the resources…

Q: Can yo help me with easy words. Is economics a science? Why? Definitions of “science” and…

A: Yes economics is a science.It is a social science that studies human behavior related to resources…

Q: Which three key questions do economists try to answer?

A: Economists try to solve various problems existing in the economy.

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

Q: As you read about global economics, complete the chart by filling in the cause or effect

A: Simply said, globalization is the linking of various regions of the globe.Globalization is described…

Q: Share your views on the idea that economists make assumptions in order to make the world easier to…

A: Economist use assumption to make complex things into simple. Economics is a social science and…

Q: Why is it important for us to use models when studying economics?

A: In economics a Model is defined as a theoretical construct which represents the economic processes…

Q: What is economics and why is it a relevant subject?

A: Economics is the study of putting the scarce resources to the best possible use that would increase…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: Why is economics a social science subject

A: Economics can be defined as the study of people, societies, government and the businesses and how…

Q: What is economics as a social science

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: What is economics study?

A: Economics study is the study of how limited and scarce resources are employed to produce goods and…

Q: When it comes to advice being given to policy makers, economists may offer conflicting advices for…

A: Policy makers while taking advice from different economist’s always face conflicts for determining…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

Q: How are Milton Friedman’s economic theories applied?

A: Milton Friedman is widely considered to be one of the most important economists and political…

Q: Who is your favorite economic thinker and why? Who is your least favorite economic thinker and why?

A: Keynes is favorite economic analyst  Keynes clarified how the public authority can assume a…

Q: Economics is the study of?

A: Economics is the study of maximizing the use of scarce resources while producing different…

Q: The study of economics is best defined as how

A: Human wants are unlimited and means to satisfy these wants are scarce and limited. People face trade…

Q: What are the costs of attending a particular college or university? What are the costs of taking a…

A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…

Q: what role do economic ideas play in policy making??

A: Policy making is a decisive role of the government where it sets some policies in order to control…

Q: Is economics a science, an art or both ? Give reasons for the answer

A: Economic is defined as a study which seeks to analyze and describe distribution, production and…

Q: Discuss a theory of economics that you identify with - how is this theory applied in real world…

A: Theory of opportunity cost: In economics, opportunity cost can be understood as the second best…

Q: What is the interrelationships between economics and law?

A: "ECONOMICS AND LAW ARE INTERRELATED"......it can be explained with the help of following: Economics…