How does personal gain affect choices by individuals and government?  Resources are finite.  What about incentives as opposed to free offerings

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

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: Use your own example to explain the reason why, in the real world, business firms and societies face…

A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…

Q: What explains why millions of economic resources tend to get arranged logically and productively…

A: The production is the process of transforming the resources into final goods and services that…

Q: Traditional economy is the social and institutional process through which certain groups of economic…

A: The given statement is true.

Q: |depicts society as organized around two classes fighting over limited resources.

A: Conflict    depicts society has organized around two classes fighting over limited resources.

Q: How did capitalism change lives for the better? How did it impact lives negatively? In what ways has…

A: Capitalism: It is defined as the economic system in which factors of production, trade, and industry…

Q: True or False Opportunity costs are roughly the same for everyone who attends college.

A: To define opportunity cost, it means the value of the next best alternative good of that resource.…

Q: In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the…

A: Economics: Economics is all about making choices during the scarcity and allocation of these scarce…

Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…

A: The self-interest varies according to various groups of individuals. The group of producers, who are…

Q: Islam gives complete freedom to economic enterprise with ________ a. None of the options b.…

A: Answer Option 'C' is correct.   Islam gives complete freedom to economic enterprise with some…

Q: You have been going to school and working 10 hours a week. The school offers you a scholarship worth…

A: 1)Opportunity cost in time-10 hours In money 10*10=100 per week. 2)I would choose quarter because…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the…

A: The economy has scarce resources and unlimited wants and has a major of three questions which each…

Q: What role, if any, will marginalism, incentives, and disinterestedness play in the questions you ask…

A: Marginalism refers to the study of marginal relationships and theories within the economics. The…

Q: Although attending college is expensive, time-consuming, and requires effort, but people decide to…

A: According to the ration consumer theory, when the marginal benefit (MB) gained from consuming…

Q: Does an individual consumer really have a voice in answering the basic four economic questions…

A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…

Q: What is the importance of learning Economics to our present Political and Economical Conditions…

A: The importance of learning Economics to our present Political and Economical Conditions right now…

Q: True or false? Scarcity in economics could be eliminated but poverty could not.

A: Scarcity is gradually considered as one of the basic or primary problem of the economy, the wants…

Q: From Opportunity cost point of view. Although attending college is expensive, time-consuming, and…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Which of the following is true?   a. Human choice is generally not influenced by changes in…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Scarce economic resources and unlimited wants causes

A: In the economy there are scarce economic resources and that means there are limited resources and…

Q: In a culture where we are bombarded with other people trying to define us, how do we make decisions…

A: Culture defines an indiividual upbringing and also in the world of billions, people stand out in a…

Q: If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: Do you think a free market or a command economy is more likely to encourage productive and…

A: Command economy and free market are two opposite firms of an economy because command economy is the…

Q: Identify the types of opportunity cost that people often undervalue,and explain why undervaluing…

A: Opportunity cost is equal to the value of the next best alternative foregone. In other words, the…

Q: explain why education is under consumed in the market place and what this means for society

A: Education is a merit good. Other examples of merit good include healthcare, museums, etc.

Q: Why is the opportunity cost of attending college higher for a 50 year old than for a 20 year old?

A: Opportunity cost also called the implicit cost is the cost of the next best alternative that is…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: What are the pros and cons of traditional economy?

A: ‘Traditional economy’ relies on custom & history. It assumes that all people are ‘rational’.…

Q: Which major characteristic of economists enable them to make sound decisions in solving economic…

A: Decision-making is a multi-step process (from issue recognizable proof through the answer) for…

Q: What value does entrepreneurship provide for our economic well-being?

A: The concept that depicts the development and management of business ventures for gaining profit…

Q: How might conscious capitalism be applied in international markets? Give an example of a company…

A: Conscious Capitalism leaders aim to honour and find out a voice of the stakeholders, from investors…

Q: What is the opportunity cost of going to university? the total spent on food, clothing, books,…

A: The Opportunity Cost(OC)shows the possible benefits an individual, firm, or investor misses out on…

Q: Why is private property and competition are the most important to a capitalist economy? Support your…

A: Capitalist economy is the economy in which majority of resources are owned by the private party.  In…

Q: Frontiers of Microeconomics Economic behavior is more complex than assumed by conventional economic…

A: The economic model of human behavior is a representation of people’s actions. The concept is based…

Q: Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products…

A: A market is a place where the buyers and the sellers meet and interact with each other through…

Q: Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show…

A: The concept of scarcity is used to explain the existence of opportunity cost in economics. In the…

Q: Incentives matter. Which of the below situations that find DOES NOT indicate a strong positive…

A: Incentives can be defined as anything that motivates a person to do something.

Q: utilitarianism have good or bad effects on business?

A: The concept of utilitarianism refers to the belief of doing such things that will bring happiness to…

Q: Choices that are the best for the society as a whole are choices in the pursuit of…

A: When everyone acts to maximize their own self-interest, social interest is maximized. So, when…

Q: How does a market economy solve the what, how, and for whom to produce problems?

A: What to produce, how to produce and for whom to produce are three basic economic questions or…

Q: True/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs…

A: Opportunity cost is the amount of Income thay can be generated if an activities is not rejected to…

Q: A large, hardworking population was important for Mercantilism. Why?

A: Mercantilism was a practice of trade practiced in  in the 16th till 18th century. This practiced in…