Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay

Q: Discuss any three principles of economics and how can you apply them in real life?

A: Economics is the study of human behavior regarding the use of scarce or limited availability…

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: Is economics one of the most important thing in the world? Why

A: Economics is the social aspect that deals with the interaction between people to make exchange of…

Q: Provide an explanation an economist might give showing why each statement is true: - “People must…

A: The social science that examines the way in which people tend to choose among the available…

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: What is the importance of studying economics? Give an example how it can help you.

A: Economics signifies a social science that analysis how individual agents in a society make their…

Q: Why do business people study economics?

A: Demand for a good refers to the quantity of that good with the consumers are willing and able to…

Q: Why study economics?

A: ExplanationEconomics is the study of markets where there exists  and interaction of buyers and…

Q: Will giving children/students money help improve their interest in Economics and increase their…

A: When talking about the study of economics and finance, it can be said that a student learns a…

Q: Branches of Economics History of Economic Thoughts

A: Branches of Economics Branches of economics are the micro and macro economics, it is the analysis of…

Q: Why studying economics is fun and why it is useful in personal level?

A: The study of how individuals, groups, and nations manage and use resources is at the heart of…

Q: Mahatma Gandhi once said “Happiness is when what you think, what you say, and what you do are in…

A: The great aim of life to have is happiness, it is something needed to be worked on every day. Being…

Q: How can studying economics help you as a student?

A: Studying economics can help students by exposing them to theoretical approaches within the field of…

Q: What is Economics, and Why Is It Important? What is Studied in Microeconomics and Macroeconomics?…

A: “Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Multiple Definition of economics

A: There are several definitions of Economics given over time. We have covered the most important ones…

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: How can you say that economics is part of today's society?

A: The resources in our economy are limited while the wants are unlimited. This makes the resources…

Q: What do you mean by the production possibilities of an economy

A: Production possibilities of an economy refer to different combinations of goods and services which…

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: Imagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: How the study of history of economics help people in their daily life

A: Economics is related to many aspects of the world. Various countries in the world are carrying out…

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 have you learned in the movie "The Wolf on Wall Street" that is related to Economics

A: The Wolf on Wall Street may be a film based on the true story of Jordan Belfort.  The Wolf of Wall…

Q: advantages and disadvantages of positive economics

A: Positive economics: It means the analysis of objectives in the study of economics.

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

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: An economic explanation for why people make different choices begins with accepting the proverbial…

A: Saving: It refers to the money that is not used by the people. It is the money which is used in case…

Q: Although it can sound complicated, nearly everything we do is related to the economy in some way.…

A: Economy  A complex system of linked trading, consumption, and production activities make up an…

Q: Which major characteristic of economists enable them to make sound decisions in solving economic…

A: Decision-making is a multi-step process (from issue recognizable proof through the answer) for…

Q: When a person demands something (in economics) they must be , and to buy

A: Demand is one the most crucial factors of any kind of microeconomic analysis, which forms a base for…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: Based on what you have learned so far, what is the biggest problem an economy faces and how can we…

A: In the short run, all resources are fixed but labor is a variable input and in the long run, all…

Q: George Bernard Shaw stated, "Economy is the art of making the most of life." Which of the following…

A: Here, it is given that, according to George Bernard Shaw, economy is considered as an art to make…

Q: Economics is the study of how a society manages its resources to

A:

Q: describe.2.countries or societies with 2 different types of economics and compare how the type of…

A: Economy is the system in which livelihood is earned by the people .  And there are three types of…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: The study of economics is best defined as how

A: Human wants are unlimited and means to satisfy these wants are scarce and limited. People face trade…

Q: What are the costs of attending a particular college or university? What are the costs of taking a…

A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…

Q: What examples do you have of goods or services that are both consumer goods and resources depending…

A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…

Q: why a person would rather live in a market economy or command economy.

A: When talking about economic system, market economy and command economy are two completely different…

Q: Discuss how race, citizenship, and gender intersect with economics and those intersections affect…

A: In communism and communist type of government, there is complete control and rule of government over…

Q: Who are the forerunners and father of Economics. Explain and discuss their contribution in the field…

A: The greatest economists of the history of mankind or the forerunners of Economics Galileo Galilei…