The production possibilities curve represents the maximum combination of goos and services that can be produced with fixed resources and technology, given efficient use of the resources. the combinations of goods and services among which consumers are indifferent. the maximum amount of labor and capital available to society. the maximum rate of growth of capital and labor in a country.

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: 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: A Fun-Size bag of M&M's contains 4 green, 3 red, 2 yellow, 3 orange, 4 blue, and 2 brown candies.…

A: Introduction: Probability is the state of being able to do something. It's a field of mathematics…

Q: Why do economists make assumptions?

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

Q: What is opportunity cost and how can this concept be applied in real life?

A: In economics, opportunity cost is an important concept to study as it has significance in making…

Q: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide 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: What does mean economics wants. Give Some examples?

A: All wants that can be satisfied by goods or services produced of any kind is knows as economics…

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: Give an example of something that is a good for one person and a bad for someone else???

A: In the case of producing or consuming some commodities, harmful or beneficial side effects arise and…

Q: Write a summary of the fundamental concepts of economics.

A: The objective of this question is to provide a summary of the fundamental concepts of economics.…

Q: Which of the following best demonstrates the influence of economic factors on consumer…

A: Consumer purchasing preferences and choices are heavily influenced by a country's or market's…

Q: Can accountants can be economists?

A: Accountants and economists both are important for the efficient functioning of the market as both of…

Q: What concept uses observable qualities in order to fill in missing informationwhen making a…

A: Where there is information missing in the market, that is only one party in the transaction has full…

Q: What are three textbooks definition of economics?

A: Economics is a science that studies the efficient production, allocation, and distribution of scarce…

Q: dont use chatgpt i will upvote Economists measure the a) importance b) benefit magnitude meaning of…

A: Economics is the study of individual choices. It includes the production, distribution, and…

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: 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: Now that we've talked a little about what economics is, let's consider the concept of value. When we…

A: Circular flow of money shows how money moves within society, from producer to laborer in form of…

Q: What is Pareto Improvement and Fairness in economic?

A: In economics, efficiency is maximum when there is pareto optimality.

Q: What is economics, and how can you benefit from understanding basic economic concepts

A: Economics: Economics matters by investigating how people settle on choices despite the shortage.…

Q: What is one challenge you may face when trying to "barter" for goods? Why would you face that…

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

Q: When we call market is imperfect?

A: Market: It is a medium by which the exchange of goods and services takes place.

Q: Importance concepts of economics?

A: The important concept of economics are Market interest:-  It is one of the essential financial ideas…

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: What do we mean by studying consumer behavior?  a. Determine how to influence it.  b. Knowing his…

A: At the point when customers purchase items, they settle on decisions that favor a few brands over…

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

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: Joab and his friends used to play a game where they put on a dog's electric fence collar and tried…

A: Economics is a branch of science which deals with the production, distribution, and consumption of…

Q: Write a theory section on SWOT and include what knowledge SWOT gives

A: In order to assess their internal and external surroundings, businesses, governments, and non-profit…

Q: The fundamental reason to study economics is to study ____.     how choices are made     how…

A: In the world, people has unlimited wants, but the resources to fulfill these wants are limited. It…

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: 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…

Q: *Make a response,question, or clarification for that opinion

A: The consumer is an individual that buys the products and services from the seller in the market.

Q: How does economics affect everyone?

A: Economics is a branch of social science which studies the behavior of the firms, people and the…

Q: How do answers A and B differ?

A: In this case, we see the term average cost of a firm where average cost is actually getting by…