Why is the study of economics important to democracy and why is it important for society to have an understanding of economics?

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 economics one of the most important thing in the world? Why

A: Economics is the social aspect that deals with the interaction between people to make exchange of…

Q: What are economic systems, and how do they differ?

A: Answer: Economic system: it refers to the system by which resources, goods, and services are…

Q: Which of the political tools for controlling economic systems is the best?

A: Answer- Need to find- Which of the political tools for controlling economic systems is the best…

Q: what can the government do to provide awareness and knowledge about people who are not literate in…

A: Answer - Need to find- what can the government do to provide awareness and knowledge about people…

Q: Why do we have markets, and according to economists, what role should government play in them?

A: Market is a place where the goods and services produced by the companies are exchanged in return of…

Q: To what extent should government influence the economy of a democracy such as the United States?

A: In every economy, the government takes decisions to achieve the desired growth rate. The government…

Q: What sectors of the economy do you believe the government should take an increasing role, and what…

A: Economic growth implies a method of increase in real value and real. per capita financial gain.…

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: Is there a need for the government to talk about Economics in layman's term? Justify and explain.

A: Government. in general, is known as the authority that is meant to make major decisions regarding…

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: What are the two major economic problems in economics

A: Economics is the study of allocation of limited resources. The fundamental economic problem is about…

Q: How can we say that economics is considered as social science or how economics is defined as social…

A:

Q: Could the economy function without government intervention?

A: An economy refers to a piece of land that is regulated by a single government and people make…

Q: Which is a more serious problem between market failure and government failure?

A: Government intervention to resolve market failures, and to manage the macroeconomy, can fail to…

Q: How the government controls the market for a fair economic system in Islamic Economics scope?

A: Islamic economic system is the one that uses Islamic believes in running a business according to…

Q: What would best explain why economics is important for understanding policies that deal with…

A: Poverty is a condition Where in an individual doesn't get the basic amenities that are required for…

Q: In which type of economy does only the government make economic decisions?

A: The economy in which the only government make or take the economics decisions are the  CENTRALLY…

Q: Why couldn't an economy function without government intervention?

A: An economy needs government intervention for some specfiic purposes because there are various types…

Q: Why do you think that most modern countries’ economies are a mix of command and market types?

A: If economic decisions are taken by the government, it is known as the command economy. In such a…

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: What are the demerits of a socialistic economy only 2 demerits.

A: According to the given question In simple words we can say that a socialistic economy is a type of…

Q: How market mechanism solves the basic economic problems?

A: The market economy will help to solve the economic problems.

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: The following parts of government regularly rely onthe advice of economists:a. Department of…

A: Economists are those experts who study the association between the resources of a society and its…

Q: . _______ What term implies that there shall be no government interference in the economy?a. market…

A: The term Laissez-Faire was originated in France by a group of Physician, who called themselves as…

Q: Who wrote the book The World is Flat Select one: O a. Thomas Friedman

A: For the given question, the author of the book the world is flat need to be answered.

Q: Through economic reasoning, explain the interrelationship with markets and government.

A: There is a general law that determines the market's allocation of resources which reduces the…

Q: what are the four structures in  economics

A: In economics, market structure refers to how different industries are classed and distinguished…

Q: Could an economy function without government intervention and what difference does government…

A: Economic systems are classified into three types: free market, mixed, and command. The decisive…

Q: utilitarianism have good or bad effects on business?

A: The concept of utilitarianism refers to the belief of doing such things that will bring happiness to…

Q: What’s a economic example

A: Demand is the total quantity of goods buyers are willing to purchase at a different level of prices.

Q: Why are no economies truly free, in the sense of having no controls or restrictions?

A: Economies cannot be set totally free because of negative economic experience that has been observed…

Q: What role of government do you thỉnk is the most important from an economic perspective and why?

A: The economics as a study is associated with the use of resources, where the resources with the…

Q: Within a laissez faire system, the government should only perform those activities that the private…

A: An economic that works on the concept of the free market mechanism is essentially a capitalist…

Q: what is the appropriate balance between government and freedom in the American democracy? Do you…

A: A) There is no "appropriate balance" since times change, innovation changes, dangers to the country…