--%>
Assignment Help - homework help

Explain the definition of Economics

Explain the definition of Economics?

E

Expert

Verified

a. The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants.

b. Human wants are unlimited, but the means to satisfy the wants are limited.

   Related Questions in Business Economics

  • Q : Best society according to Utilitarianism

    Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe

    		•
  • Q : Distinguish between allocative

    Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?

    		•
  • Q : Society material wants are scarce

    Explain the foundation of economics where society’s material wants are scarce resources?

    		•
  • Q : Explain the term Operating Leverage

    Briefly explain the term Operating Leverage?

    		•
  • Q : Which type of maximization required in

    Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output produced for a given total cost. (iv) satisfaction atta

    		•
  • Q : Illustrate major economic flows that

    Illustrate major economic flows that link U.S. with nations.  Provide an example to illustrate each flow.  Explain the relationship between the top and bottom flows.

    		•
  • Q : Elucidate Participants in international

    Elucidate Participants in international trade of U.S. and World Trade?

    		•
  • Q : Distinguish between the resource market

    Distinguish between the resource market and product market in the circular flow model.  In what way are businesses and households both sellers and buyers in this model?  What are the flows in the circular flow model?

    		•
  • Q : Determine the clearest illustration of

    The clearest illustration of economic inefficiency would be: (w) maintaining a warehouse full of pet rocks within hopes such that someday the fad will return. (x) pet rocks being unavailable to people willing to pay a price that exceeds the marginal s

    		•
  • Q : Example of self interest to define

    The concept of _____ was demonstrated by _____ along with the quotation, “The defeat of a bit finger would remain the average European from sleeping which night,... but, given he never saw them, he will snore along with the most profound security over the loss o

    		•