Microeconomics: Principles for a Changing World
Microeconomics: Principles for a Changing World
4th Edition
ISBN: 9781464186677
Author: Eric Chiang
Publisher: Worth Publishers
Question
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Chapter 1, Problem 1QP
To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer
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Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

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