In figure 8, interpret the economic meaning of points A and B. What do the two points have in common? What is the difference in their economic interpretation?

Q: What are the four complementary social institutions required in economic coordination?Why are they…

A: Meaning of Co-ordination: Co-ordination is the act of organizing, making different people or…

Q: Question is attached below

A: a.When the economy faces double digit unemployment, it means that the economy is experiencing a very…

Q: New technology for producing plywood is developing.  Which of the figures above best illustrates…

A: Figure D is the right answer reson :- It happen s to to introduction of new technology due to fall…

Q: Discuss the concept of Economic Goods.

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: efine what is meant by market economy and identify its three required features

A: Market Economy refers to the economy where market demand and market supply are the major elements…

Q: State two important of each factors of production

A: Factors of production are the resources required to produce goods and services in an economy. These…

Q: Why do we need to study Economics? 1. ITS FUN 2. IT PROVIDES 3. IT IS UNDERSTANDING USEFUL IN ON HOW…

A: Economics is a part of social science that primarily explains the interaction between people for…

Q: What item u figure out of opportunity cost of vacation to Disney world

A: Opportunity cost is the cost of alternatives when one chooses to do one thing.

Q: What is a trade-off? Give two examples of trade-offs that you face in your life.

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: state the three stages of production

A: Marginal returns is an additional increase in output from employing an additional unit of input.

Q: what are the three approches in measuring economics activity? why do they give the same answer

A: Economic activity means when a country is economically active that means there is some activity…

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: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…

A: Opportunity cost means the cost incurred to acquire the next best alternative. Given:  Juanita earns…

Q: What are the main 3 microeconomics principles?  How can each of the principles mentioned be applied…

A: Microeconomics is a part of economics that tries to predict about how individuals will respond in…

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: Opportunity costs exists only for durable goods? Explain if it’s correct or not.

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: hat is a basic definition of per diems? what are the pros and cons of per diems?

A: Per diems: It refers to the expenses and it is a Latin expression that signifies "for every day."…

Q: How to apply circular economy for tennis ball?

A: Circular economy The term circular economy refers to the resource consumption model whereby the…

Q: Explain why the three (3) goals of macroeconomics are relevant

A: Macroeconomics is a discipline of economics that investigates the behavior of a whole economy, such…

Q: explains that the two most important assumptions of economics are scarcity and cost.  Please explain…

A: The study of scarcity and its effects on resource use, product and service production, output growth…

Q: Which of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of…

A: Knowledge is distributed into various streams. This is done for the simplicity of gaining knowledge.…

Q: Which are those economic goods which do not have any type of the physical characteristics they are…

A: According to the given question In simple words we can say that the economic goods are those goods…

Q: Production Possibilities Schedule Production Scenario Widgets Gizmos A 30 В 28 22 2 D 12 3 E a)…

A: The production possibility frontier (PPF) shows different combination of two inputs which can be…

Q: how unreflective consumption of goods - in this case, sugar - affect your journey towards the good…

A: How unreflective consumption of goods - in this case, sugar - affect your journey towards the good…

Q: A.C. Pigou considered economics as A science of wealth B science of material well-being C science of…

A: Arthur Cecil Pigou considered economics as a study of materialism. He gave the relationship between…

Q: Q. How would the following events be shown using production possibilities curve [ please draw…

A: The production possibility curve is a graphical representation of combination of two goods or…

Q: The questions below deals with economics. Provide the answer to the statements below. It's only 3…

A: 1. An assembly line worker and a store clerk are examples of labor Labor is one of the most active…

Q: What is the relationship between trade-offs and exchange?  With real life example please

A: The trade offs are the concept which involves the opportunity cost. In economics the very act of…

Q: The human wants for goods, services and resources exceed what is available, is known as

A: Economics study how the limited resources should be allocated to satisfy unlimited human wants in an…

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: What is positive statement, explain with an example?

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: 3 Ways in which human decisions making differs from the rational individual

A:

Q: Monica like to spend 30 dollars weekly on movies and burgers.movie tickets costs 6 dollar each and…

A: Answer to the question is as follows:

Q: Consider the figure below, what does these point A, B, D, E, and G shows? Explain these points…

A: This is an example of the production possibility frontier. PPF shows the different combinations of…

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: _1. Economics is the study of how people utilize their unlimited resources to satisty limited wants.…

A: Disclaimer: Since it is a multi-part question, I am providing you with the answers to the first…

Q: explain the role of ceteris paribus in economic analysis

A: Economics is a social science that studies the role of production, consumption, and distribution of…

Q: A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25…

A: A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25…

Q: You go out to the best restaurant in town and order a lobster dinner for $40. After eating half of…

A: Sunk expenses are not taken into account while making the sell-or-process-further decision, which…

Q: Which is positive statement and explain

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

Q: Describe the procedure of considering economic decisions?

A: The following procedure should be kept in mind while taking economic decisions: Identify the…

Q: 1. Explain the principle of scarcity?

A: Scarcity can be defined as the restricted accessibility of an asset in contrast with boundless…

Q: A) In which system are the 3 basic economic questions answered by custom and habit? B)Which system…

A: There are three main sorts of economies: free market, command, and mixed. Individuals and businesses…

Q: What are economic resources? What categories do economists use to classify them? Why are resources…

A: Economics is the study of how scarce resources are allocated to satisfy maximum human wants. Human…

Q: Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on…

A: Answer: Given, Income=$15Price of candy bars=$0.75Price of peanuts=$1.50 The table below depicts the…