Answered: Below is the economic statement…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Below is the economic statement conditions. Identify the type of economic system explain. Enumerate one advantage and one disadvantage of statement/condition explain 1. Consumers have the greatest variety of goods possible

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Economics is a social science because it studies the social problem of choice from a scientific viewpoint this scientific exploration involves the formulation of theory and examination of data.
A theory consist of a set of assumption or hypothesis and conclusion derive from those assumptions.

Micro Economics focuses on the behavior of units that is firms, households, and individual, it is concerned with individual units to make decisions and what affects those decisions.

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