What is scarcity? Can you think of two causes of scarcity?

Q: What is opportunity cost?

A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…

Q: How does microeconomics relate to macroeconomics?

A: Economics is the study of allocation  of limited resources. It has two…

Q: Why might an economist look at hundreds of cars moving along an assembly line and say, “There is an…

A: Economics is the study of allocating scarce resources among alternative uses to satisfy unlimited…

Q: What is the difference between macroeconomics and microeconomics?

A: Microeconomics analyses the actions of individual humans, companies, organizations or markets.…

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: Whats the difference between macroeconomics and microeconomics?

A: Two important sub-fields of economics that examine various facets of the economy are macroeconomics…

Q: Economist Richard Thaler describes economics as the sum of two parts. What are these two parts?

A: Richard H. Thaler is an economist from the United States. Thaler is a researcher who specializes in…

Q: What are three textbooks definition of economics?

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

Q: does scarcity relates to price

A: Scarcity is the state of having shortage of resources than actually required.

Q: What is the importance of economics on individuals that doesn't have any background on it, and how…

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: True or false? Scarcity in economics could be eliminated but poverty could not.

A: Scarcity is gradually considered as one of the basic or primary problem of the economy, the wants…

Q: What is the importance and benefits of microeconomics?

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: What is economics, and how can you benefit from understanding basic economic concepts

A: Economics: Economics matters by investigating how people settle on choices despite the shortage.…

Q: What is the impact of technology and innovation on scarcity?

A: Economics is the study of distribution, allocation and production of resources. It deals with the…

Q: what does the absence of scarcity in an economy reflect in a graph?

A: In the absence of scarcity, the production of one good does not reduce the availability of resources…

Q: What are some of the insights gained from taking a fundamental microeconomics course?

A: Microeconomics is a feild of study that deals with allocation of scares resources in an order that…

Q: Name two types of scarcity

A: The two types of scarcity are- Relative scarcity Absolute scarcity

Q: Tim Geithner, a former V. S. Treasury Secretary, has said, "The recession that began in late 2007…

A: Coming up next are the vitally economic interaction standards:-1) One consumer's expenditures are…

Q: Herbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in…

A: The model of Herbert Simon is a decision making model. According to this model, the decision making…

Q: Why must economic theories and models be abstract?

A: Economic theory is based upon the assumption that consumers and investors are rational and also…

Q: n social science, how would the discussion of variables and attributes apply to economics?

A: In social science, an attribute is a feature of an object which is closely associated with variables…