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Economics deals with the efficient use of resources. Why?
Step by step
Solved in 2 steps
- where do resources come from?What is economics? A social science that teaches one how to cope with scarcity. A discipline that quantifies the values of assets. A quantitative science to analyze business cycles. A science that teaches firms and individuals how to maximize profits.Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.
- Why should the economic decision be based on the objective of making the best use of limited resources?Choose one of the seven principles of economics that apply to microeconomics. Choose a specific topic that has struck you and explain how it applies to the principle of economics you have chosen.Opportunity costs exists only for durable goods? Explain if it’s correct or not.