--%>
Assignment Help - homework help

Define Economics

Briefly describe the term economics?

E

Expert

Verified

Economics is generally stated as the problem of how better to distribute sufficient resources, limited because needs are characterized as unconstrained, however common sense tells us that rather than inadequate resources, there is a profusion of resources. The differentiation is one of perspective and this is core to any another understanding of the economics. If wants are focus, then of course resources are inadequate by definition, however if minimum wants or essentials are employed as the foundation, then resources are seen to be plentiful. The differentiation is between a description and a clarification. A focus on needs or desires defines a market situation, while a focus on essentials or wants allows a clarification of choices to begin.

   Related Questions in Microeconomics

  • Q : Uncertainty and Decision-making I have

    I have a problem in economics on Uncertainty and Decision-making. Please help me in the following question. The error of omission would be: (i) The failure of an individual to invest in Microsoft 20 years ago. (ii) Individual cheating on a test. (iii)

    		•
  • Q : Change of demand If demand for good

    If demand for good falls due to increase in its own price. Then what is the change in demand termed? Answer: Contraction of demand

    		•
  • Q : Define Economics Briefly describe the

    Briefly describe the term economics?

    		•
  • Q : Occurrence of the price discrimination

    Price discrimination occurs when a good is: (1) priced by a formula yielding monopoly profit. (2) denied to customers who refuse to pay the going price. (3) sold at different prices not reflecting differences in costs. (4) subject to government price

    		•
  • Q : Statement of Craft unions I have a

    I have a problem in economics on Definition of Craft unions. Please help me in the following question. The Craft unions systematize all the workers: (i) In a specific firm or industry, in spite of skill or craft. (ii) In a specific craft, even when th

    		•
  • Q : Labor Union Goals-Minimum employment

    Can someone please help me in finding out the accurate answer from the following question. When a union achieved the maximum possible hourly wage: (i) All of the members would be pleased. (ii) Employment would as well be maximized. (iii) Employment would be at minimum

    		•
  • Q : Marginal Revenue and Total Revenue If a

    If a monopolist which does not price discriminate has maximum total revenue as: (1) demand is perfectly price elastic. (2) marginal revenue is positive. (3) demand is relatively inelastic  (4) marginal revenue is

    		•
  • Q : Demonstrate supply curve for price

    The quantity supplied is ever more sensitive as output increases, therefore the price elasticity of supply raises as the price raises for the supply curve demonstrated in: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D.

  • Q : Selling of physically indistinguishable

    While physically indistinguishable units of a good are concurrently sold at various prices at various locations, such price differentials reflect: (1) differences within marketing and advertising costs. (2) rational ignorance by consumers. (3) differe

    		•
  • Q : Reliablity with standard economic

    Which of the given behaviors is least reliable with standard economic suppositions regarding consumer behavior? (i) Gustav cannot decide which of three distinct combinations of goods he favors. (ii) Lynn hates pickled herring; however Chris is willing

    		•