In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the modern definition of economics is incomplete. What does he say is missing? A. relationship between means and endsB. the concept of scarcityC. the process of transformation of resourcesD. allocation toward competing ends

What is scarcity? Can you think of two causes of scarcity?

Define scarcity and identify two causes of scarcity?

According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" answer the question that What is the trade off between movies and other goods and services? How is this trade off illustrated by the production possibilities frontier? Use economic concepts to answer this question.

** || 85% Microeconomics > Page 2 of 5 2. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows? 3. Consider the following events: Scientists reveal that consumption of oranges. decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges. 4. Imagine that you are a nonsmoker sharing a room with a smoker. According to the Coase theorem, what determines whether your roommate smokes in the room? Is this outcome efficient? How do you and your roommate reach this solution? 5. Charlie loves watching Teletubbies on his local public TV station, but he never sends any money to support the station during its fundraising drives. (a) What name do economists have for people like Charlie? (b) How can the government…

Describe the idea Scarcity and Choice in economic concept in 200 words. Give examples.

8. Which of the following are examples of Pareto- efficient changes? Explain your answers! a. Ryan has to pay his $250 debts next week but he is lacking money and only got $50 in his pocket. He decided to try his luck in The White Zephyr Casino. b. Aiken's sister is helping him do his online econ exam in return for her favourite dish. Grand Spire Bank Corp decided to give scholarships to outstanding students with a condition that once they graduate, they must work for Grand Spire Bank Corp for 2 years. d. People who lived in a slum area in Jakarta didn't С. Vade Mecum Academy's get any compensation from Dreamscape Co. for displacing their home with a high class housing area. e. Burger Alley Restaurant packages for its customers. offers bundles

What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

The branch of economics which studies how households and firms make choices, interact in markets and how government attempts to influence their choices is called:A) macroeconomics.B) microeconomics.C) positive economics.D) normative economics. (Please dont use ai tool.)

Explain what is meant by opportunity cost of choice