. Discuss the Sixth principle of economics by Mankiw and why it is important to economic activity.

Q: 1. In some countries the government makes most of the decisions about what will be produced, how it…

A: Hello, thank you for the question. Since there are multiple questions posted under a single thread,…

Q: viewpoint, the efficient level of output is ________ perms. a )     40 b )     50 c )     60 d )

A: Marginal revenue= change in total revenue/change in quantity

Q: "choice" and "scarcity".

A: Scarcity: It is basically the difference or gap between the resources available and resources…

Q: In 2 Paragraphs explain how wants/needs connect to scarcity, which connects to the factors of…

A: Scarcity refers to the essential economic problem, the gap between limited – that's, scarce –…

Q: . It is primarily the basis of economic activity a. economics b. scarcity c. social science d.…

A: Economics is the study of human decisions in the face of scarcity.

Q: I. Essay. Explain the following. 1. What is Applied Economics? 2. What are the three basic economic…

A: Economics is that the study of insufficiency and its implications for the use of resources,…

Q: What is the methodology of microeconomic analysis

A: Microeconomics is the branch of economics that studies the economy at a micro level like individual…

Q: Explain, how does the economy as a whole works? And which economic agents are of the greatest…

A: The economy works on the principle of exchange. A series of exchange of goods, money, and services…

Q: Economics? 2. How does it relate to microeconomics?

A: Managerial Economics  Managerial Economics  is a part of economics matters including the utilization…

Q: .- What does the economic evaluation consist of?

A: Economic evaluation is the systematic identification, measurement, and valuation of the inputs and…

Q: 1. What is the fundamental problem of economics? 2. What does scarcity make us do? 3. Define…

A: Economics is the study of the consumption, production, and distribution of goods and services in an…

Q: 11.Which part of economics is concerned with defining an ideal economy? A. Positive economics C.…

A: As you have asked multiple questions, only the first question will be answered. Economics: Economics…

Q: What are the main 3 microeconomics principles?  How can each of the principles mentioned be applied…

A: Microeconomics is a part of economics that tries to predict about how individuals will respond in…

Q: What are the difficulties that a business  may face when there is not businesa plan?

A: A written document that describes the important business activities along with the objectives is…

Q: hat are the 4 market structures? Give their characteristics..?

A: Market structure refers to classifying products into different markets based on their…

Q: 1: What is Economics, and Why Is It Important? 2: What is Studied in Microeconomics and…

A: Economics is multidisciplinary subject matter which deals with social science behaviour of society .…

Q: 6. The interaction of individual choices Immediately after an ice storm brought down power lines…

A: The potential benefits that an individual, investment, or organization misses out on when choosing…

Q: What does the economic study consist of?

A: Scarce resources  are those resources that are finite and limited in nature. Resources are required…

Q: 1) How does the concept of scarcity fit into an understanding of economics? How does it relate to…

A: Scarcity refers to the finiteness of a resource, commodity, or capital that has the ability to…

Q: ) Economics is best defined as A) how people make money and profits in the stock market. B) making…

A: Since you have posted multiple questions, we will solve the first one for you. If you want any…

Q: a Explain the economic link between scarcity, choice and opportunity cost.

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 4. The economy of econ151 gets into a war with the economy of econ 150 and destroys 30% of econ…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: 1. Which of the following two statements involves positive economic analysis and which normative?…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: 2. Which of the following two statements involves positive economic analysis and which normative?…

A: (a) Positive economic analysis tells actual scenario or in different words it states what what's. On…

Q: Illustrate the differences

A: The field of economics is distributed into microeconomics, i.e., the analysis of individual markets,…

Q: Identify the different factors of production. Identify the three (3) central problems of the…

A: Since you have posted multiple questions, we will answer the first three questions for you. If you…

Q: n social science, how would the discussion of variables and attributes apply to economics?

A: In social science, an attribute is a feature of an object which is closely associated with variables…

Q: In which century did Economics become a science?    a) 18  B) 19  C) 17  D) 16  TO) 20

A: Economics has a significant history due to which there is an evolution in the study of economics due…

Q: 10 * scarcity can be eliminated throuah non of the mentioned because scarcity can not be eliminated…

A: Scarcity can be eliminated through None of the above because scarcity cannot be eliminated. Hence,…

Q: 4. The high cost of child care prevents some poor mothers from working. Consequently, countries…

A: The approach to provide the poor families a lump sum payment to spent on day care or on all the…

Q: 1. Why do we need microeconomic models? Using appropriate diagram(s), explain how changes in a…

A: Microeconomics focuses on an individual's or a firm's choices in a world of scarcity and the ripple…

Q: 1. Explain the economic problem of scarcity.

A: Scarcity refers to a situation in which there is a shortage of desired goods. Normal…

Q: 4) The fact that wants cannot be fully satisfied with available resources reflects the definition of…

A: 4) B) Scarcity  5) A) a comparative advantage in the production of grapes. 6) A) land, labor,…

Q: 7. What is scarcity? In market economies, what determines the distribution of scarce goods and…

A: Scarcity is the basis of the essential problem of Economics i.e the distribution of limited means…

Q: Solve the attahment.

A: Since you have asked multiple question, we will solve the first question for you. If youwant any…

Q: 1. The field of economics is studied under three heads, of which "subject-matter of economics" is…

A: Subject matter tells us about how matter  we study in a subject like we do in  Economics. However…