Identify the wrong factor in the given statement.

Question

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Answer 1

Question

Chapter 1, Problem 1QP

To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

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Answer 2

Question

Chapter 1, Problem 1QP

To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

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Answer 3

Question

Chapter 1, Problem 1QP

To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

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Answer 4

Question

Chapter 1, Problem 1QP

To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

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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 1QP

To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

Answer 6

Chapter 1, Problem 1QP

To determine

Identify the wrong factor in the given statement.

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

Answer 7

Chapter 1, Problem 1QP

To determine

Identify the wrong factor in the given statement.

Answer 8

Expert Solution & Answer

Explanation of Solution

The given statement is wrong. Money has a role in economics, but it does not mean that money is everything in economics or economics is everything to do with money. Economics deals with human’s wants and limited resources. Thus, money is also considered as a resource to practice economic actions. Along with money, there is other resources that also play an important role in economics, like time, labor force, skill, and so on. Thus, like money, all other non-money resources are also important.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Economics: Economics can be defined as the study of how society manages its scarce resources. The economy consists of scarce resources and unlimited wants. Hence, economics is the study about how the society manages theses scarce resources to meet these limitless wants.

Answer 12

Ch. 1 - Prob. 1QP Ch. 1 - Prob. 2QP Ch. 1 - Prob. 3QP Ch. 1 - Prob. 4QP Ch. 1 - Prob. 5QP Ch. 1 - Prob. 6QP Ch. 1 - Prob. 7QP Ch. 1 - Prob. 8QP Ch. 1 - Prob. 9QP Ch. 1 - Prob. 10QP

Identify the wrong factor in the given statement.

Identify the wrong factor in the given statement.

Explanation of Solution

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Chapter 1 Solutions