A.C. Pigou considered economics as A science of wealth B science of material well-being C science of choice-making

Q: Individuals make trade-offs to a. determine economic values b. cooperate with others c. minimize…

A: Trade off is exchanging something of value. It is kind of relationship between two parties who…

Q: If you claim that an increase in the tax on groceries will result in an increase the price of…

A: The economics as a study is divided into various branches depending upon the entities which are…

Q: MICROECONOMICS Solve the first question

A: 1)Producer if monopolist could do so but not other market forms.

Q: if you want to have anything good you have to do it yourself violates which principle of economics

A: This violates the principle of Economics that says "Trade can make everyone better off". This…

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: Explain why economics is so cool

A: Economics is a study of human behavior that helps to understand how individuals satisfy their…

Q: Is economics a science?

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Label each entry in the list as dealing with a microeconomic topic or a macroeconomic topic. Explain…

A: The Micro economics deal with economic problem at the micro level or individual level. While the…

Q: Is economics a study of making choices? Explain.

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: nomists build models that abstract from the complexities of reality primarily because.. a. They…

A: Models in economics use data based analysis to estimate relationships between various economic…

Q: The ten principles of economics

A: Meaning of Economic: Economic theory provides different tools for integration or development in…

Q: economics explains economic phenomena according to their cause and effects Which economics explains…

A: Economics is known to be as the branch of specific knowledge which includes with the process of the…

Q: Branches of Economics History of Economic Thoughts

A: Branches of Economics Branches of economics are the micro and macro economics, it is the analysis of…

Q: Solve the attachment

A: Constrained choice happens when a financial(economic) agents must decide the ideal combination of…

Q: economics explains economic phenomena according to their cause and effects Which economics explains…

A: Normative economies are used to explain real economic events from moral view point. It examines…

Q: What are three textbooks definition of economics?

A: Economics is a science that studies the efficient production, allocation, and distribution of scarce…

Q: If scarcity and misallocation are two different concepts, how can either concept be used to better…

A: Scarcity defines the gap between the limitless wants and the limited resources. This situation can…

Q: Explain the meaning of Philosophy

A: The study of general and fundamental problems such as existence, reason, knowledge, values, mind,…

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

Q: His study of economics is concerned more with human behavior. a. Alfred Marshall b. Karl Marz c.…

A: The meaning of economics is the management of households. In Ancient Greek, the word Eco means home…

Q: What three institutions influence economics the most? Explain how each influences economics and…

A: Economics is referred as a social science. The word 'Economics' is originated from the GREEK word…

Q: Would a good economic model be more likely toaddress a positive statement or a normative statement?…

A: A positive statement is that statement which explains the actual phenomenon of the subject. These…

Q: “Study of economics starts by acknowledging life’s trade- offs”. Discuss the statement in context of…

A: " The study of Economics starts by acknowledging life's trade offs". This statement can be explained…

Q: When a person demands something (in economics) they must be , and to buy

A: Demand is one the most crucial factors of any kind of microeconomic analysis, which forms a base for…

Q: What is economics most concerned with? keeping interest rates low O making money allocating scarce…

A: What is economic most concerned with.

Q: Why economics is a relevant subject, and why it's important?

A: Economics is an important subject for individuals, societies, governments, businesses and…

Q: George Bernard Shaw stated, "Economy is the art of making the most of life." Which of the following…

A: Here, it is given that, according to George Bernard Shaw, economy is considered as an art to make…

Q: Schools of Economic Theory

A: Introduction: Economic theory is predicated on the notion that investors and consumers are rational…

Q: what is the significance of economics. Explain in details.

A: The social science of economics focuses on the creation, exchange, and consumption of commodities…

Q: Define Economics and its Types?

A: Economics is a branch of economics that examines human behavior with the objective of allocating…

Q: Which type of economics is concerned with the economy as a whole? Select the correct answer below:…

A: Economics concerned with the economy as a whole refer to the economy where we don't talk about the…

Q: Describe the procedure of considering economic decisions?

A: The following procedure should be kept in mind while taking economic decisions: Identify the…

Q: Carefully distinguish between economic theory and economic model.  What is the role of value…

A: Economic theory: It is a criteria/study that provides an outlet for research in every area of…

Q: Polanyi criticised formal definition of economics, a)because it only takes into account capitalist…

A: Polanyi believes in historical economics.

Q: Is economics a science, an art or both ? Give reasons for the answer

A: Economic is defined as a study which seeks to analyze and describe distribution, production and…

Q: WHY IS ECONOMICS RELEVANT VERSUS IMPORTANT?

A: Allocation of resources is the distribution of available resources and assets among various works…

Q: Discuss a theory of economics that you identify with - how is this theory applied in real world…

A: Theory of opportunity cost: In economics, opportunity cost can be understood as the second best…