Definition of economics.

Question

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Answer 1

Question

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.

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corospond to this message. Gross Domestic Product (GDP) represents the total value of all goods and services produced by a country. The news reporter shows excitement because rising GDP signifies positive economic performance. Consumer spending has increased while businesses expand and new job opportunities become available. If the GDP rises, your delivery business will likely handle more packages as consumer purchasing increases. The increase in business activity will lead to more opportunities for your company to generate higher profits. You may need to take action by hiring additional staff and purchasing extra delivery vehicles or finding ways to improve your operation speed and efficiency to meet increased demand.

Please show work / explain how you get answer as well. Thank you!

Answer 2

Question

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.

Answer 6

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.

Answer 7

Chapter 1, Problem 1CQQ

To determine

Definition of economics.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘a’ is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (a):

The economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. So the economy is study about how the society manages theses scarce resources to meet this limitless wants. Thus, option ‘a’ is correct.

Option (b):

The business and profitability are two small parts in the economy but economy is not only the study about the how to run the business most profitability. Thus, the option ‘b’ is incorrect.

Option (c):

The economics is not the study of how to predict the inflation, unemployment and stock price. The inflation, unemployment and stock price are important like other factors but not the preliminary factors. So this is not a best definition of economics. Thus, the option ‘c’ is incorrect.

Option (d):

The economy consists of how the scars recourses are allocated or managed. It is not the study of how the government can stop the harm from unchecked self- interest. Thus, the option ‘d’ is incorrect.

Answer 12

Economics Concept Introduction

Concept introduction:

Economics: Economics refers to the study of how the individual, society and organization decide to allocate its limited available resource to produce finished goods and services in order to satisfy its unlimited demands.