Why is “how to produce” a problem in every economy?

Q: is father of economics

A: Adam Smith is popularly called the Father of Economics.  He is famous for his book - The Wealth of…

Q: Explain how , in the basic Circular Flow diagram, households and firms can be thought of as both…

A: In financial aspects, the circular flow diagram outline addresses the association of an economy in…

Q: The present choice between investing in capital goods and producing consumer goods now affects the…

A: Consumer products are only useful in the short term and do not generate wealth. Capital items will…

Q: How did ideas relating to economics vary, and how did these evolve in Europe during the early modern…

A: Economics refers to the subject that helps us solve the problem of scarcity of resources and…

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: In what way is appoed economics important in tackling economic issues or problems of the country?

A: Applied economics is the appliance of financial assumption to conclude the expected outcome allied…

Q: In the world, every economy faces the same fundamental economic challenges. Explain briefly what are…

A: Economic issues faced by the world economy including for all the countries as well as region have a…

Q: Amagine you are the manager of a car dealership and you are trying to create an economic model to…

A: An economic model creates a similar situation for a firm in accordance to real life through which…

Q: What are the 3 basic economic questions?

A: The three basic questions in economics is are based on the choices that societies should answer in…

Q: Is economics one of the most important in the world?

A: In a world, various activities, actions, and events took place in which people interact with each…

Q: The branch of economics that looks at the operation of a nation's economy as a whole

A: Economics is a broad subject. Microeconomics and macroeconomics are the two important branches of…

Q: Two classes of Schumpeter’s dynamic evolution of economy? In his view, write down five combinations…

A: The economics as a study is associated with the allocation of the limited resources with the…

Q: What is meant by economics

A: Economics is the study of all the factors related to production, distribution, and consumption of…

Q: Define in your own words what is production and what are the factors that enhances the production in…

A: Introduction and definition if production is given below:

Q: What are disadvantages of free market economy ?

A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…

Q: The three fundamental economic questions are what to produce whom to produce and_________?

A: Generally considering an economic entrepreneur or agent there are three fundamental economic…

Q: kinds of economy?

A: 1. Haiti is a Market Economy in which the forces of demand and supply regulate the market.  2. China…

Q: The core of most economics debates comes back to the three core questions that we are trying to…

A: The laissez faire approach is the economic system which required minimum government involvement and…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…

A: The economic approaches can be mainly studied under two categories- positive statements, that are…

Q: Discuss  A Self-Sufficient Economy

A: Economics is a social science which studies the efficient allocation of the scarce resources in the…

Q: what is Law of economy

A: The construction of a general truth based on specific observations or tests that traces out a causal…

Q: Describe how government economic policies play a role in the economy? with details and sources?

A: Government policy plays important role in developing economic growth because every activity and…

Q: why is the economy not self-correcting? What can be done about it?

A: The principle that if economy is left to its own devices is called self-correcting. When an economy…

Q: mic

A: The science which studies how people tend to interact with each other along with the prospects of…

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: Which economic system do you think is better in answering the following basic economic questions: a.…

A: An economic system is a method by which social orders or governments distribute and organize…

Q: What is global economy? What are its 4 characteristics?

A: The world economy, also known as the global economy, refers to the global economic system, which…

Q: Can you help me provide a normative statement and an example of a positive statement from a recent…

A: The normative statement is the subjective statement in which valued judgment is passed on the…

Q: what is your idea about economics

A: Economics is used for the study of how resources can be allocated in an efficient manner. It was…

Q: What drives a free market economy?

A: In a  free-market economy, market forces will run the economy, demand and supply are the market…

Q: Which is the largest figure in economics?

A: Gross nominal product is the largest figure in the economics.

Q: What is a business problem? How can the business problem be solved?

A: A business refers to an act of exchanging goods and services for money. It is conducted by…

Q: economy not achieve multiple economic goals simultaneously?

A: Basic features of an economy are - 1) resources our scarce or limited  2) while wants are unlimited…

Q: The present choice between investing in capital goods and producing consumer goods now affects the…

A: Investment is the acquisition of productive capital made by an economy, in expectation of increase…

Q: what are the four structures in  economics

A: In economics, market structure refers to how different industries are classed and distinguished…

Q: Refer to Figure 2-3. This economy has the ability to produce at which point(s)?

A: In the above diagram, production possibility curve represents the various combinations of tractors…

Q: Define the basic terms in economics based on the pictures.

A: The photographs in the question is related to basic economic terms, which are as under.

Q: Economics is the study of?

A: Economics is the study of maximizing the use of scarce resources while producing different…

Q: (describe) 3 ways in build an economy based on the principles of sustainability,

A: Sustainable development does not just imply the humanity must meet its current requirements without…

Q: Explain the central problem of “how to produce” in economics

A: According to the given question All the societies faces the economic problems in the country which…

Q: How many sectors of economy are there?

A: Economy: It is the system of organizing money, industry, and trade of a country or region.

Q: Factors of production are? a. used to produce goods and services to satisfy peoples wants b. what…

A: Factors of production are those inputs required for the formation of goods and services. The…

Q: List 5 important of economics

A: Answer: The study of economics enables us to reach the conclusion of a problem on the basis of data…

Q: "Whether it's a husband and wife at their dinner table, whether it's a small or large business, or a…

A: The consumers spend a fraction of income and save a fraction of income earned by them. If the people…