you must make decision for one choice, could you discuss what economic principles or concepts that you will use for that choice?

Q: Shannon has decided to spend less time on social media because she needs to improve her grades. What…

A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…

Q: What are the benefits of considering the economic decisions?

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

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: you find your opinion leaning towards traditional or behavioral economic beliefs?

A: Answer in step 2

Q: Give three examples of important trade-offs that youface in your life

A: Trade off refers to the situation where one should give up some amount of goods or service on order…

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

A: Economics signifies a social science that analysis how individual agents in a society make their…

Q: What are the likely consequences of not intervening?

A: The government can intervene in an economy through various ways and this can affect differently to…

Q: what are the examples of every college student in their decision (could range from small matters to…

A: College students consist of those populations whose main objective is to learn and improve skills…

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: 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: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: What are three textbooks definition of economics?

A: Economics is a science that studies the efficient production, allocation, and distribution of scarce…

Q: How can we simplify the decision-making process?

A: A business cannot take the decision making process lightly as the entire business relies and acts on…

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

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 type of cost arises from making decisions? a. opportunity b. total с. fixed d. marginal e.…

A: In economics, decision making is the process which includes the decision of a rational individual in…

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: Are you happy or comfortable in all your decisions from the different situations why?

A: Yeah I can not say I'm happy but I'm satisfied You cannot be proud of your all decisions, because…

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: Jane has to choose either takeout or instant noodles for dinner tonight. Which axiom of economics…

A: The classical economist assume people are rational that means people take into consideration all the…

Q: In a culture where we are bombarded with other people trying to define us, how do we make decisions…

A: Culture defines an indiividual upbringing and also in the world of billions, people stand out in a…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

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 scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

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: How does economics affect everyone?

A: Economics is a branch of social science which studies the behavior of the firms, people and the…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…

Q: Explain the Economy and Society?

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

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: What would be the solution?

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

Q: For a given question to be considered an economic question, it would need to involve: (a)money.…

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: aking Effective Decisions ften illustrated with a graph or a table, shows the results under…

A: the opportunity cost of a specific action choice is the deficiency of significant worth or advantage…

Q: Describe the Rational Decision making Process?

A: Rational decision-making is a multi-stage process in which alternatives are selected. The objective…

Q: What is the name for something that changes the trade-offs that people facewhen making a decision?

A: A trade-off is a situation in economics where making one choice or purchasing one good means losing…

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show…

A: The concept of scarcity is used to explain the existence of opportunity cost in economics. In the…

Q: How is the Rational decision making a complex process?

A: Rational decision making is a multi-step process used for making bets decision or choice when…

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: What are the benefits of The Rational Decision-Making Process?

A: The process of rational decision making is used to make choices among the alternatives. Under this…

Q: True/False A change in opportunity costs would probably change a persons behavior

A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…

Q: What examples do you have of goods or services that are both consumer goods and resources depending…

A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…

Q: How does marginality work in economics?

A: when we have two variables say x and y, the change in amount of x caused by one unit change in y is…