Are we free to make our own decision or are we limited to the choices we make?

Q: What are economic systems, and how do they differ?

A: Answer: Economic system: it refers to the system by which resources, goods, and services are…

Q: What are three important themes in microeconomics

A: Microeconomics studies the behavior of Consumers, firms and workers as well as how the markets are…

Q: what is the difference between a positive statement and a normative statement?

A: According to economists, there are two types of activities within an economy. On the one side, there…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: What good is economic theory if it can't predict the behavior of a specific individual?

A: The economic theory are the simplification of the economic realities which are used to make the…

Q: What is a trade-off? Give two examples of trade-offs that you face in your life.

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

Q: Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.?…

A: Almost certainly the pure competitive industries are effective as in pure competitions the useful…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: What are the human behaviors economists should observe when creating economic models?

A: The human behaviours that must be taken into account while developing an economic model depend on…

Q: Can you give an specific example that includes two economic terms?

A: Economic terms refer to specific words and phrases that have specific meanings within the field of…

Q: T or F Everything we do has its opportunity cost. Why?

A: In economics, it is necessary to choose between several products because resources are limited in…

Q: Why should the economic decision be based on the objective of making the best use of limited…

A: Economic decisions are the decisions by economic agents in order to sort out problems related to…

Q: How does subjective value make “gains from trade” possible?

A: Subjective value is the importance an individual gives to a good, this value which he places is not…

Q: my has only $50 to spend for her weekend entertainment. She can go to a college football game for…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Which of the following is not included in the decisions that every society must make? a. What…

A: Economic theory affirms that the general public makes three fundamental economic choices because of…

Q: What are the pros and cons of market economy?

A: Market economies trace back to ancient civilizations like Mesopotamia, Greece, and Rome, where…

Q: What is the name for something that changes the trade-offs that people facewhen making a decision?

A: A trade-off is a situation in economics where making one choice or purchasing one good means losing…