Provide an explanation an economist might give showing why each statement is true: - “People must make choices to satisfy their needs and wants”
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- Does an individual consumer really have a voice in answering the basic four economic questions described as given.The wants with which economics is concerned include only those wants which can be satisfied by goods and services. True or False?Describe the procedure of considering economic decisions?
- An economic explanation for why people make different choices begins with accepting the proverbial wisdom that tastes are a matter if personal preferences. But economist also believe that the choices people make are influenced by their incomes, by the prices of goods and services they consume, and by factors like where they live. How do you make choices about what to buy, how much to work, and how much to save?economics explains economic phenomena according to their cause and effects Which economics explains this? Give correct answerWHY IS ECONOMICS RELEVANT VERSUS IMPORTANT?
- What are the features of the human wants in economics?Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. How do you apply this statement in actual economic situations in our economy?Which of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.
- 1) Economics is best defined as A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household. 2) Which of the following is an example of a microeconomic decision? A) an individual deciding how to allocate the time he or she has for work and leisure B) a small shoe factory deciding how much leather to purchase for the next quarterʹs production need C) a multinational company deciding where to relocate its world headquarter D) All of the above answers are correct. 3) Which of the following questions is a macroeconomic issue? A) How many more pounds of cookies will a consumer purchase if the price of cookies decreases? B) What effect would a cure for Mad Cow Disease have on the market for beef? C) What is the future growth prospect for an economy? D) How many workers should the owner of a business hire? 4) The…What are three textbooks definition of economics?What is the problem that economists see with our resources and our wants? Please just answer with one or two sentences.