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There are various definitions of economics. The early economists called economics 'the science of wealth.' According to Adam Smith, economics is concerned with 'an enquiry into the nature and causes of wealth of nations'.
Marshall shifted the emphasis from 'wealth' to 'welfare'. He defined economics as the study of mankind in the ordinary business of life.
According to Lionel Robbins, 'Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.' It is the scarcity definition of economics.
Ends here refer to human wants, which are the scarce resources to satisfy these wants and they can be put to alternative uses.
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- Economics studies choices that arise from one fact. What is that fact? A. Our resources are unable to satisfy all our wants. B. Some families are too big. OC. Businesses produce too many varieties of most goods.An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased businessWhich of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. Oc. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.
- Does a firm have the riight to "create" wants and try to persuade consumers to buy goods and services they didn't know about earlier? 'What are examples of "good" and "bad" want creation? Who should decide what is good and what is bad?Which of the following would shift an economy's production possibilities curve to the left? Select one: O a. the country discovers a new energy source O b. dramatic increases in economic growth O c. a major increase in the number of people in the labour force O d. an increase in the retirement age O e. the country experiences a major natural disaster affecting its capital goodsTo determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.
- Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.Read the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. V THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. According to the Wall Street Journal (Source: "Doing the Math on…Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadnwhat they are trying to ask me to do
- A budget line is a graph that shows the various combinations of two products that a Multiple Choice O consumer can buy with a given amount of money income. O business firm can produce with a given budget. O household can produce with a given amount of resources. nation can trade with another nation.Situation in which the amount of an item available is less than people want; O a. Scarcity O b. Production Possibility Frontier O C. Resources Od Opportunity costSuppose that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following situations, would the attainable set of combinations that you can afford increase or decrease? a. Your budget increases from $100 to $150 while the prices stay the same. b. Your budget remains $100, the price of books remains $25, but the price of movie tickets rises to $20. c. Your budget remains $100, the price of movie tickets remains $10, but the price of a book falls to $15.