advantages and disadvantages of positive economics

Q: Choose one of the seven principles of economics that apply to microeconomics. Choose a specific…

A: The seven principles of economics are  Scarcity forces tradeoffs Thinking at margin Cost vs benefits…

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

A: Answer in step 2

Q: Why is the concept of self-interest important in economics?

A: Self-interest is considered as working on any particular operational aspect through which one can…

Q: Which of the following statements about the self-concept is true? Group of answer choices The ideal…

A: The term "self concept" refers to a self-concept formed by one's own views about oneself and others'…

Q: Why can’t we accomplish all of our economics goals?

A: Economics is a branch of social science that deals with the allocation of resources among all the…

Q: Discuss how the concepts in microeconomics can be applied to real-world situations and increase your…

A: Microeconomics is the study of economics at a level where the individuals or the organizations make…

Q: if you want to have anything good you have to do it yourself violates which principle of economics

A: This violates the principle of Economics that says "Trade can make everyone better off". This…

Q: What is important of studying economics? Give two good examples how the knowledge can help you in…

A: No subject of the current day is so significant as the study of economics. economics oversees the…

Q: concepts of Market actions and its implications.

A: Market action: Market action refers to that market that reflects all relevant information and…

Q: Are options b through h correct or incorrect?

A: The question is asking about the possible reasons for which imports can be limited. Different…

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: Describe the three major tasks of economics. Number one is description number two is evaluation and…

A: Economics is the study of the production and consumption of goods and services after the…

Q: what is the difference between a positive statement and a normative statement?

A: According to economists, there are two types of activities within an economy. On the one side, there…

Q: Economics affects nearly everything we do in some way. Someone else has produced most items we…

A: According to economists, the pricing of some goods/products is extremely/highly inelastic. That is,…

Q: Name any two types of consumption goods with examples

A: Those goods which have the tendency to satisfy the wants of the consumer are said to be as Consumer…

Q: How does subjective value make "gains from trade" possible?

A: The subjective value can be considered to be as the significance a singular provides for a decent,…

Q: Which of the following would be the least likely thing an economist would study?          What new…

A: Economists are experts who study the production, distribution, and consumption of goods and services…

Q: Generally, the study of economics has to do with   Question 24 options:   How resources are not…

A: Economics is classified as a social science because it makes an effort to apply scientific methods…

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: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

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 importance of economics on individuals that doesn't have any background on it, and how…

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Can you give an specific example that includes two economic terms?

A: Economic terms refer to specific words and phrases that have specific meanings within the field of…

Q: Why will economics never be an exact science?          No sciences are exact.…

A: The question is asking why economics, as a field of study, cannot be considered an exact science.…

Q: Is applied economics related to tourism and hospitality

A: Applied economics: It is the use of monetary hypothesis to decide the probable results related to…

Q: Based on the law of economics, is an invitation to go to the movies as a birthday gift, considered…

A: In economics, the second principle says "the economic cost of something is what you give up to get…

Q: what does reading shakespeare or dostoevsky add to an economics student?

A: The book by David Hawkes titled Shakspeare and economics explains the economic thoughts that…

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: How can we apply economics to everyday life situations? Define Economics? Identify reasons for…

A: Defining Economics: Economics is a combination of two Greek words, eco meaning household and nomos…

Q: what does reading shakespeare or dostoevsky add to an economics student?

A: Using the work of Shakespeare , traces of economic literary criticism to its cultural and historical…

Q: Explain the meaning of Philosophy

A: The study of general and fundamental problems such as existence, reason, knowledge, values, mind,…

Q: There are principles of Hygiene and principles of Charity in Islamic consumption. What is the…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: What advantage does economics have over the other social sciences that study human behavior? What…

A: Economics  The allocation of scarce resources by individuals and organizations for production,…

Q: A good economic theory

A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…

Q: A central idea of economics is that by observing changes in ________, we can predict how choices…

A: According to the economists, the choices that individual makes are rational and by rational choices,…

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: Background information on Economics?

A: The compelling birth of economics as a different discipline might be followed to the year 1776, when…

Q: What are three basic economic questions?

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

Q: How does subjective value make “gains from trade” possible?

A: Subjective value is the importance an individual gives to a good, this value which he places is not…