Q: Use your own example to explain the reason why, in the real world, business firms and societies face…
A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…
Q: What are economic systems, and how do they differ?
A: Answer: Economic system: it refers to the system by which resources, goods, and services are…
Q: What is opportunity cost?
A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…
Q: What are the four basic economic questions? How are they answered in a capitalist economy?
A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…
Q: A point inside a production possibilities frontier?
A: Production Possibility Frontier: It refers to the graphical representation of various possible…
Q: what is the potential opportunity cost of watching a lot tv show.
A: If a lot of television is watched, then it reduces the time available for other activities, for…
Q: How is it that the problem of who to produce for is resolved in the capitalist system?
A: A capitalist system is an economic system that is run by the free enterprises of the market. In this…
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: The fact that human wants cannot be fully satisfied with available resources is called the problem…
A: According to the given question The fact that the human wants cannot be fully satisfied with the…
Q: How are economic systems linked to types of societies?
A: Economic system: A monetary framework is a method by which social orders or governments arrange and…
Q: In one week, Susan can see 4 blouses or bake 280 pies. The opportunity cost per pie is
A: Opportunity is the income foregone, that is, the income that has to be given up to pursue other…
Q: What does the Powerbar model tell us about how creativity fits into a market economy?
A: Ans- Market power model means a broader market which existing rebranding bar. It is constant…
Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…
A: The self-interest varies according to various groups of individuals. The group of producers, who are…
Q: What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of…
A: "Creative destruction," a term originated in the 1940s by economist Joseph Schumpeter, who…
Q: Does an individual consumer really have a voice in answering the basic four economic questions…
A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…
Q: You can either spend spring break working at home for $80 per day or go to Florida for the week. If…
A: Opportunity Cost is the cost of next best alternative. Opportunity Cost is when in making a decision…
Q: What is the importance of learning Economics to our present Political and Economical Conditions…
A: The importance of learning Economics to our present Political and Economical Conditions right now…
Q: Give four examples of normative and positive statements
A: Positive statements deal with some assumptions and conclusions about the state of the world. In…
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: Positive or Normative?
A: Unemployment benefits are the benefits that the government provides to eligible unemployed people.
Q: Do you think a free market or a command economy is more likely to encourage productive and…
A: Command economy and free market are two opposite firms of an economy because command economy is the…
Q: What goods and services—and how much of each—will be produced?
A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…
Q: Why should the economic decision be based on the objective of making the best use of limited…
A: Economic decisions are the decisions by economic agents in order to sort out problems related to…
Q: How market mechanism solves the basic economic problems?
A: The market economy will help to solve the economic problems.
Q: Why is the opportunity cost of attending college higher for a 50 year old than for a 20 year old?
A: Opportunity cost also called the implicit cost is the cost of the next best alternative that is…
Q: What is meant by economizing of resources?
A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…
Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…
A: The opportunity cost refers to the amount or value that one has to give up in order to choose…
Q: y. Bob's opportunity cost of remaining in college is
A: Opportunity cost is the loss of potential gain from other alternatives when one particular…
Q: Define positive and normative statements and give four examples of each.
A: Economics is a social science that is responsible for generating theories in addition to studying…
Q: What do opportunity costs represent?
A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…
Q: Give two examples of opportunity one can face today
A: Opportunity cost is the cost of next alternative forgone while making decision, i.e. it is the loss…
Q: What is the opportunity cost in economics?
A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…
Q: What do we mean when we say individuals are both products and producers of society.
A: A producer is defined as an individual who creates and supplies the goods and services in the…
Q: describe an important trade-off that you recently faced and give an example of some action that has…
A: Trade-off refers to the situation where some amount of goods should be given up in order to gain…
Q: True/False A change in opportunity costs would probably change a persons behavior
A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…
Q: How does a market economy solve the what, how, and for whom to produce problems?
A: What to produce, how to produce and for whom to produce are three basic economic questions or…
Q: What are examples of society's widely accepted economic goals?
A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…
Q: How relevant is economics in our everyday lives?
A: Economics is very important and useful to study to make it applicable in our daily lives. There are…
Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…
A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…
Q: What is the opportunity cost of going to college?
A: Opportunity cost is the next best alternative foregone. Opportunity cost=sacrifice/gain.
Q: Suppose you get $1,000 as a birthday gift. You can spend it today or you can put the money in a…
A: The opportunity cost of spending the money can be calculated as follows: When the $1,000 gift amount…
Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…
A: The benefit which is forgone that would, in turn, had been derived through an option not being…
What does the law of increasing
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- Rob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?how do you deal with opportunity costYou win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now?