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

Q: The basic difference between macroeconomics and microeconomics is that?  a. macroeconomics is…

A: Economics is the study of how the economy uses its limited resources. Thus, economics is the branch…

Q: Explain the difference between Microeconomics and Macroeconomics. Justify your answer by giving…

A: Economics is a discipline that analyses the behavior of different economic entities like households,…

Q: .Define scarcity? 2.How can opportunity cost affect behavior? 3.Inflation rate should be less…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Why do economists make assumptions?

A: In economics, the problem of scarcity is addressed by economic agents such as households, firms, and…

Q: Do economists have any particular expertise atmaking normative arguments? In other words, they…

A: Do economists have any particular expertise at making normative arguments? Normative economics:- It…

Q: Consider the first two principles of economics: Choose one of them and state it. Then discuss an…

A: The principle which I have chosen is  "People face trade-offs"  Nothing is free in this world.…

Q: Derive and extensively discuss the equi-marginal principle.When it is in the two commodity cases?…

A: An equi -marginal principle plays an important role in cardinal utility analysis. The law of…

Q: Which of the following is true of an economic theory? It uses complex mathematical equations to…

A: It is a bunch of principles and ideas which explains the functioning of the economy or various…

Q: Classify each of the following statements as positive or normative Statement Firms can increase…

A: Positive economics describes and explains diverse economic phenomena or the "what is" scenario.…

Q: Differentiate between positive economics and normative economics give atleast four difference

A: According to the given question In simple words we can say that economic is basically that social…

Q: 2. What methodologm in Economics will use to be able to estáb lish the theory or the framework far…

A: In economics, the primary function of the people is to make decisions on various economic activities…

Q: QUESTION 7 In economics, positive statements are about.. O A. the way things ought to be. O B. the…

A: Since you have asked multiple questions, we are answering the first one for you. If you want the…

Q: SA. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken…

A: Note; Since you have posted multiple questions, we have only solved 5A, please post the remaining…

Q: Explain the tensions in Marshall's work, making reference to his theories and the previous schools…

A: Marshall theory was based on modern economics . He define economics in unique and peculiar manner .…

Q: Indicate whether each of the following statement applies to microeconomics or macroeconomics: U.S.…

A: ANS Microeconomics deals with the study of individual firms or individual markets. In…

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: hat is an economic model?

A: Answer is given below

Q: What is normative statement, explain with an example?

A: Economics is based on two concepts wherein the theoretical part is divided into positive and…

Q: Positive economics is Oa based only on true statements Ob similar to normative economics O c…

A: The study of positive economics refers to the study of economics that can be verified with the help…

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: What is the connection between functionalism andthe concept of equilibrium?

A: Functionalism is related to social studies which includes all the aspects of the society to work on…

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: Are either or both of these newspaper headlines positive or normative? 1. Smoking causes lung…

A: Positive statements are those which are based on facts and truths. Normative statements are those…

Q: Construct the Two-commodity market model and find out th set of equilibrium prices mathematically?

A: The equilibrium is determined where market demand is equal to market supply. At the equilibrium, the…

Q: What is the difference between an economu based on individualism and an economy based on…

A: Economy based on individualism :-  The basic feature of the economy is that it provides freedom to…

Q: Vhich of the following is a macroeconomic statement?

A: Macroeconomics is a branch of economics that deals with the attributes of the whole economy. It…

Q: Classify the following questions as Microeconomics or Macroeconomics and provide a justification for…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: he world in which we live is complex and to understand it, human beings make use of some or other…

A: In economics, theory is presented in a simple form by making the c) Ceteris paribus assumption

Q: Which of the following three statements are normative O Congress gives too many tax breaks to…

A: In economics, a statement is considered as a normative statement when it needs value judgement and…

Q: What could be the major learnings that could developed by taking a introductory microeconomics…

A: The Microeconomics is an economics that deals to satisfy an individual producer, an individual…

Q: Distinguish between macroeconomics and microeconomics citing example (s).

A: The economics as a study is made up of various elements, factors, variables, models, and theories.…

Q: Explain the difference(s) between an economic and an econometric model.

A: Economics studies how products and services are produced, distributed, and consumed. It investigates…

Q: Write four differences between Microeconomics and Macroeconomics?

A: The wants and desires of the individuals in the economy are unlimited but the resources available to…

Q: Dashboard My courses 20202 الفرع الرئیسی الخوم المالية والمصرفية المحوسل الأعمال والاقص الص الجزلي…

A: 1) Normative economics statements are prescriptive. They make a claim how the world ought to be.…

Q: menu   messageQ&A notifications account_circle…

A: Three ways in which a government policymaker can raise the growth in living standard in society…

Q: a good theory or model nat is an economic theory or model? What constitutes a "good" economic theory…

A: In economics, economic agents have to make rational choices so that the limited resources in 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: What is Opportunity Cost? And its example

A: Trade helps to specialize in activities which have comparative advantage.

Q: As we know everything hsa and every subject has its laws, Define the laws of Economics?

A:

Q: Which of the following are microeconomicissues? Which are macroeconomic issues?a. How will an…

A: Microeconomics Issues are those which deals with individual units and consumer behaviors. It is…

Q: What are examples of individual economic agents?

A: Economic agent is a person or an organization who acts as a decision maker that can influence…

Q: What does it mean to be a philosopher

A: A philosopher is an individual who offers view on profound questions in ethics, logic, metaphysics…

Q: 6. To isolate the impact of one single factor, economists invoke the assumption of a. inductive…

A: Assumptions enable economists with a basis for understanding economic operations and make…