Q: normative economics define and give example
A: Normative economics: - Normative economics is that branch of economics that passes value judgments…
Q: All people in any country can get resouces that will make their lives better or have to have to…
A: Resources are the factors that are used to produce or manufacture goods and services.
Q: Scarcity means that
A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…
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: Normative economics is: a. An investigation or statement about the norms and culture of other…
A: The study about the scarce allocation of resources among the people of the society is referred to as…
Q: Distinguish between a positive statement and a normative statement and provide 2 examples of each
A: Positive statements and negative statements are the two different way of thinking about economic…
Q: Why study economics?
A: ExplanationEconomics is the study of markets where there exists and interaction of buyers and…
Q: Use economics to explain why people smoke even though they know smoking is not good to their health?
A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.
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: Which of the following is a normative statement? Group of answer choices Forty percent of the public…
A: Unemployment is the situation when an individual is looking for a job but faces difficulty to find…
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: How can economic changes affect society?
A: Economic changes can affect the society in various ways: 1. The cost of living has the significant…
Q: "Mexico did well to break with Cuba. Enough, it was time. Cuba must allow the entrance of the UN…
A: The branches of economics are positive and normative economics. Positive Economics aims to…
Q: Multiple Definition of economics
A: There are several definitions of Economics given over time. We have covered the most important ones…
Q: What type of economy is best?
A: There are mainly four types of economic systems: Traditional economic system, command economic…
Q: . What is the benefit of something measured by what you are willing to give up?
A: Measuring the things which are going to be given up will help to compare the decisions, the cost and…
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: What are economic issues?
A: Meaning of Economics: The term economics refers to the situation under which there remain…
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: four
A: The characteristics of economic systems are : Command Economy : the government is in turn control…
Q: Why Economics is imporant for ordinary people to know who doesn't have any background about it?
A: The wants and desires of the individuals are unlimited. The resources to satisfy these wants are…
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: Importance concepts of economics?
A: The important concept of economics are Market interest:- It is one of the essential financial ideas…
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: 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: Background information on Economics?
A: The compelling birth of economics as a different discipline might be followed to the year 1776, when…
Q: Share your views on the idea that economists make assumptions in order to make the world easier to…
A: Economist use assumption to make complex things into simple. Economics is a social science and…
Q: Explain the Economy and Society?
A: The word economics is derived from the Greek word Oinkonomia which means the management of…
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: objectives of decision making units of economics
A: There are 3 decision making units in the economy: Households Firms Government
Q: Identify a recent purchase that you made, recently, and determine how scarcity influenced your…
A: Scarcity refers to the finite existence of a resource, or commodity. Humans need a number of goods…
Q: Normative statements are... A) Prescriptive, whereas positive statements are descriptive. B)…
A: In general statements are of two types; positive statements and normative statements. Positive…
Q: someone can enjoy the benefits of the good without bearing the costs.
A: Option D That is someone can enjoy benefits of the good without bearing the costs Free rider…
Q: Socialism Vs. Capitalism, which economic system do you prefer and why? Give real life examples.
A: Socialism is a social, political, and economic philosophy that encompasses a variety of economic and…
Q: ________ can predict the Impact of an economic event on economic choices..
A: According to the given question The events which can be initially measured in the terms of money or…
Q: Which of the following statements is normative? a. Printing too much money causes inflation b. Gas…
A: There are two types of statements in economics: positive and normative statements. Positive…
Q: What should we produce? How should we produce it? For whom should we produce it?
A: Answer: Introduction: "What should we produce", "How should we produce it", and "For whom should we…
Q: Choose a simple economic term and explain it.
A: Opportunity cost It is the best alternative foregone.
Q: my friend lives in an apartment building. The neighbour smokes, and my friend can smell it. It…
A: Externality is the negative or positive spillover by the consumer or producer which affects 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: 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: 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: Give one merit and one demerit of a socialist economy?
A: A socialist economy is the one in which all the considered legal production and decisions related to…
Q: What is the opportunity cost of going to college?
A: Opportunity cost is the next best alternative foregone. Opportunity cost=sacrifice/gain.
Q: Advantages of market economy
A: A market economy in which the forces of supply and demand generate price signals that drive…
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- Open ECON EVERYDAY and then choose one article. Summarize, relate, and react to what you have read. Your response would be at least 300 words long. Make sure to include the title of the article, the source, and the date of publication. Focus on the main idea and explain how the article is related to the course material. Explain your reaction to the news. Include the original copy of the article or video.Evaluate the following question. Show your work.Please explain each of them
- Please help solve and explainChoose the correct answer in a short time pleaseAs you look at your available resources, what is one SNHU resource/amenity that you can draw upon to help you intentionally reach your goals? What is a resource outside of SNHU that will assist you as well? Explain why you chose these resources and how they will help you achieve intentional success.