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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Students have asked these similar questions

5. Discrimination in the labor market The following table exhibits the name, gender, height, and minimum wage 10 people are willing to accept to work as travel nurses at a regional hospital. Name Gender Height Minimum Wage (Inches) (Dollars per week) Cho F 65 $297 Frances F 64 $316 Latasha F 68 $336 Dmitri M 70 $355 Jake M 71 $374 Rosa F 65 $393 Nick M 72 $420 Brian M 71 $439 Tim M 66 $451 Alyssa F 68 $478 The lowest weekly wage that the hospital can spend in order to hire five travel nurses is ________. Suppose the hiring director of the hospital prefers taller candidates because they think it will increase revenue, and so they impose a requirement that all newly hired travel nurses must have a height of at least 68 inches. With this mandate in place, the weekly wage rate the hospital now must pay in order to hire five travel nurses increases by ________.

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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.