Which economic activity is a praxis through which people transform nature to meet their needs in the mean time they transform themselves :  a) circulation  b) production c) division of labour  d) consumption

Q: 2.1 Define economics, and explain why scarcity is central to economic decision making.

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Q: Which of the points are feasible and which are efficient

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Q: State (a) a positive economic statement of your choice, and then (b) a normative economic statement…

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A: An "economic concept" alludes to a hypothetically settled principle that is important for the…

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: What are the key elements of the scientific method and how does this method relate to economic…

A: Scientific method is to observe whether the research which is going to be done how much it will…

Q: efine what is meant by market economy and identify its three required features

A: Market Economy refers to the economy where market demand and market supply are the major elements…

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A: Economic perspective refers to seeing the situation through the lens of economics and making…

Q: Explain the concept of scarcity in general and further indicate how this is critical to the success…

A: Scarcity defined as a condition where the resources are limited but the wants associated with those…

Q: Does an individual consumer really have a voice in answering the basic four economic questions…

A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…

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A: In a market, a producer uses various techniques to understand the purchasing behavior of the people…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: What do you mean by the production possibilities of an economy

A: Production possibilities of an economy refer to different combinations of goods and services which…

Q: A good economic theory

A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…

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: List the four factors of production

A: Factors of production are the economic inputs utilised to generate profits. Land, labor, capital,…

Q: True/False The resources used to make all goods and services are called factors of production

A: # Resources are the building blocks any economy. Without these we can't think of producing any good…

Q: How can scarcity of resources be a problem to society

A: Scarcity happens when the availability of resources is less than demand of society. Thus, society…

Q: Describe the idea Scarcity and Choice in economic concept in 200 words. Give examples.

A: The concepts of scarcity and choice are fundamental to economics and based on the study of how…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: Which of the following questions is not answered by the decisions that every society must make? a.…

A: Three questions to be answered What goods and services are to be produced? How should these be made…

Q: The fundamental economic problem is one of scarcity. The basic questions of economics become: What…

A: Scarcity refers to the limited availability of a resource in comparison to the unlimited  wants.…

Q: This study seeks to understand and explain the behavior of individuals, as such, consumers,…

A: (Q) This study seeks to understand and explain the behavior of individuals, as such, consumers,…

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Q: Who are the forerunners and father of Economics. Explain and discuss their contribution in the field…

A: The greatest economists of the history of mankind or the forerunners of Economics Galileo Galilei…