How are resource decisions affected by the global market and world events? Provide a real-world example. Do you think governments should have the power to influence the global market?

Q: Why are individuals, businesses , and countries force to weigh the benefits and costs of their…

A: Firms, individuals, and countries need to analyze the cost-benefits of their decision. Before…

Q: Most economists believe the scarcity of resources will persist. Why?

A: Scarcity refers to the situation when the economic resources are limited and the needs of the…

Q: Identify from the situation positive and normative economics and give your reasons.

A: Positive and normative economics are the two disciplines of modern economics.Positive economics…

Q: can fair trade or other types of ethical consumerism make a big difference for the global South…

A: Fairtrade is the international body that is developed to help the producers of the countries and…

Q: If economic laws are applicable in real world?

A: Economics is based on the activities of real life. It analyses the economic activities and then…

Q: What are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least…

A: defination: Market failure happens when the value component neglects to represent the entirety of…

Q: Name a type of market failure and explain why this market failure results in economic…

A: Market failure, in economic aspects, is what is happening characterized by a wasteful conveyance of…

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: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: It is impossible to place a dollar value on life. In other words, life is priceless.” How does this…

A: Life is confronted with unlimited choices and limited resources. A person has to take decision…

Q: What are some examples of a command economy? Market Economy?

A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…

Q: If slice of life Pizza can get its restaurant to be used in an upcoming movie, then this would be a…

A: Marketing means promotion and selling of goods and services which includes market research and…

Q: What is scarce in economics

A: Economics is a subject of social science. It is commonly said that economics is the queen of social…

Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…

A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…

Q: How should marketers respond to the changing environment?

A: It is essential to be proactive always in this rapidly changing environment for marketers. It is…

Q: “Market forces should be allowed to allocate resources”. Is this a positive or normative  statement?

A: When talking about economic statements, it can be said that these statements are classified as…

Q: What is the opportunity cost of increasing the number of movies produced?

A: Opportunity cost refers to the given up benefits to obtain some other benefits.

Q: A farmer decides to use land for farming instead of building a golf court what is the opportunity…

A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…

Q: How does sociology affect the economics of a region?

A: Economic sociology employs sociological methods to study economic phenomena such as businesses,…

Q: Rob decided to drive to school rather than take the school bus. What was the opportunity cost of…

A: Opportunity Cost  Opportunity costs are the profits that a person, investor, or company forgoes…

Q: Question 1. What is the difference between normative and positive approaches to public policy?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The BBC News reported that the war between Ukraine and Russia has resulted in food prices across the…

A: Here, it is given that the BBC News reported an increase in the world food prices by 30% due to the…

Q: what are Supply and Demand issues happening in the world today and how can we avoid them

A: Adam Smith is considered the father of economics. He was the first individual to notice that as long…

Q: Write an essay on Market Forces in the Development of Cities.

A: Urbanization can be defined as the actual development of metropolitan regions because of rustic…

Q: In rural or urban areas, why some economist suggested that we need to focus on the following…

A: A rural area, often known as the countryside, is a region of land that lies outside of urbanised…

Q: Why do property rights and the level at which choices about using resources occur matter to an…

A: The property rights and the level at which the choices about using the resources affect the society…