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- Explain the following concepts 1.scarcity 2.choice 3.opportunity cost 4.resourcesExplain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource1) Explain the basic ideas of microeconomics. 2) Explain what “economics” means from the perspective of the individual, a business, and society. 3) Explain the concepts of scarcity, economic value, and opportunity costs.
- Carefully define the following terms and explain their importance to the study of economics. A. Opportunity cost B. scarcityReview the six core principles of economics, from topic 2 this week. People choose All choices involve costs (opportunity cost) People respond to incentives in predictable ways Economic systems influence choices and incentives Voluntary trade creates wealth The consequences of choices lie in the future Then, write a 500-600 word essay on how these core principles apply to your most recent online activity as a consumer. In your work, be sure to include a definition of the new media economy.Which of these statements best describes what microeconomics is? a. The study of National Income a country b. The study of the global economy c. The study of decisions that businesses and individuals make in the marketplace d. The study of economic phenomena that affects an entire economy
- 1. Explain the following concepts: a. Scarcity b. Choice c. Opportunity cost d. Resources 2. State four features each of the three economic systems.Choose one of the seven principles of economics that apply to microeconomics. Choose a specific topic that has struck you and explain how it applies to the principle of economics you have chosen.Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each concept.
- How does wants and needs connect to ScarcityConsider your decision to study this final exam. Which of the four core principles of economics applies to the notion that the benefit of studying one more hour might not be worth the cost of studying one more hour? Select one: a. Interdependence principle b. Marginal principle c. Cost-benefit principle d. Opportunity cost principleBusiness anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C…