Definition of economics.

Question

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Answer 1

Question

Chapter 1, Problem 1QCMC

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1QCMC

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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Section III: Empirical Findings: Descriptive Statistics and inferential statistics………………..40% Descriptive statistics provide details about the Y variable, based on the sample for the 10-year period. Here, you use Excell or manually compute Mean or the average income per capita. Interpret the meaning of average income per capita. Draw the line chart showing the educational performance over the time-period of your study. Label the Vertical axis as Y performance and X axis as the explanatory variable (X1) . Do the same thing between Y and X2 Empirical/ Inferential Statistics: Here, use the sample information to perform the following: Draw the Scatter plot and impose the trend line: showing the Y variable and explanatory variables ( X1). Draw the scatter plot and impose the tend line: Showing Y and X2. Does your evidence (data) support your theory? Refer to the trend line: Is the relationship positive or negative as expected? Based on the data sheet below: Years Y ( per…

Section III: Empirical Findings: Descriptive Statistics and inferential statistics………………..40% Descriptive statistics provide details about the Y variable, based on the sample for the 10-year period. Here, you use Excell or manually compute Mean or the average income per capita. Interpret the meaning of average income per capita. Draw the line chart showing the educational performance over the time-period of your study. Label the Vertical axis as Y performance and X axis as the explanatory variable (X1) . Do the same thing between Y and X2 Empirical/ Inferential Statistics: Here, use the sample information to perform the following: Draw the Scatter plot and impose the trend line: showing the Y variable and explanatory variables ( X1). Draw the scatter plot and impose the tend line: Showing Y and X2. Does your evidence (data) support your theory? Refer to the trend line: Is the relationship positive or negative as expected? Create graphs based on table below; Years Y ( per…

Answer 2

Question

Chapter 1, Problem 1QCMC

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1QCMC

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 1QCMC

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1QCMC

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 1QCMC

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1QCMC

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

Answer 5

Chapter 1, Problem 1QCMC

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1QCMC

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 1QCMC

To determine

Definition of economics.

Expert Solution & Answer

Answer to Problem 1QCMC

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 1QCMC

To determine

Definition of economics.

Answer 8

Expert Solution & Answer

Answer to Problem 1QCMC

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.

Answer 13

Ch. 1.1 - Prob. 1QQ Ch. 1.2 - Prob. 2QQ Ch. 1.3 - Prob. 3QQ Ch. 1 - Prob. 1QCMC Ch. 1 - Prob. 2QCMC Ch. 1 - Prob. 3QCMC Ch. 1 - Prob. 4QCMC Ch. 1 - Prob. 5QCMC Ch. 1 - Prob. 6QCMC Ch. 1 - Prob. 1QR

Definition of economics.

Concept explainers

Definition of economics.

Answer to Problem 1QCMC

Explanation of Solution

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Chapter 1 Solutions