A budget line is a graph that shows the various combinations of two products that a   Multiple Choice    consumer can buy with a given amount of money income.   business firm can produce with a given budget   household can produce with a given amount of resources     nation can trade with another nation

Q: State and local spending is primarily spent on the following item(s). education. libraries,…

A: State and local spending refers to expenditure undertaken by the government for the provision of…

Q: Condition that arises because society does not have enough resources to produce all the things…

A: There are mainly three economic problems dealt by each nation. These problems are stated below: a)…

Q: What examples do you have of goods and services that were once luxuries, which have become…

A: Luxury goods are those whose demand increases as people's income increases.

Q: The graph says: Clothing (units per week) 16 14 12 10 4 4 N T N Food (units per week)

A: Opportunity cost is a fundamental concept in economics that refers to the value of the next best…

Q: Economics affects nearly everything we do in some way. Someone else has produced most items we…

A: According to economists, the pricing of some goods/products is extremely/highly inelastic. That is,…

Q: Name any two types of consumption goods with examples

A: Those goods which have the tendency to satisfy the wants of the consumer are said to be as Consumer…

Q: Choose what you consider to be the two most important culture components from the chart. Argue why…

A: Given:Values & AttitudesManners & CustomsSocial StructureReligionPersonal…

Q: How do I graph the amount of fertilizer that needs to be added to an acre of land and the amount of…

A: A graph is a visual representation of information that is used to show the relationship or pattern…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: Using the list on the bottom what are "service" components and "physical goods" components? a new…

A: Physical goods refer to the products that are tangible. It can be durable or non durable. Service…

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: Fill in the blanks with the mumber that correspoods to the correct word or phrase from the word bank…

A: Economics is defined less by the issues that economists study and more by how economists study them.…

Q: Goods and services that are produced by a household and are not exchanged in a market are known as…

A: The statement is false. Goods and services that are produced by a household and are not exchanged in…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Economic perspective is a way of seeing the the argument by the lens of economics.  This is the way…

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: We have two individuals, A and B, who works 40 hours per week each. They each consume food and…

A: Production cost defines the total expenses incurred by a firm in creating and manufacturing goods or…

Q: Janice really likes potatoes. Potatoes cost $1.10 per pound, and she has $6.00 that she could…

A: Total utility is defined as the satisfaction obtained from all units of the commodity consumed. This…

Q: Choose an article on a topic (product/good/service) that affects your daily life. Briefly tell us…

A: Demand refers to the quantity of a product or service that consumers are willing and able to…

Q: pportunity co

A: Opportunity fee refers to the price of the next great opportunity that is forgone while a choice is…