ZuoTi.Pro
Question
Please help with 1 and 2

1) Define the study of economics and the economic problem 2) Explain why demand drives supply. How does this determine the
business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1 )

Economics seeks to study that how to use limited resources for meeting unlimited demands. Study of economics arises from presence of scarcity. Scarcity is core focus of economics. Scarcity exists where demand tends to outpace available resources.

Scarcity and unlimited demands cause economic problems.

2)

In free market economy, producers seek to produce goods and services only to satisfy prevailing demand in market. Thus, it is demand that derive supply in market. Producers will suffer loss if they try to produce something that is not demanded in economy.

For example, computers are being produced because of demand in market and typewriters are not being produced any more as there is no demand for typewriters.

0 0
Add a comment
Know the answer?
Add Answer to:
Please help with 1 and 2 1) Define the study of economics and the "economic problem"...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • discussion 1: Economic Principles This Discussion deals with the 12 Principles of Economics. The specific discussion...

    discussion 1: Economic Principles This Discussion deals with the 12 Principles of Economics. The specific discussion areas include the economic principles that guide how people make economic decisions (choices), how people interact in markets, and how the economy as a whole works. Read Chapter 1 to identify particular economic principles that guide the various economic decision making processes. Remember to include your references or links to the websites that are important contributors to your comments. Economic agents are those individuals,...

  • 4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2....

    4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...

  • Write a 2-3 page paper answering the following questions on Basic Economics: What did you learn...

    Write a 2-3 page paper answering the following questions on Basic Economics: What did you learn about the scarcity of resources? Who was Adam Smith and what impact does he have on economic theory? What is the importance of understanding Elasticity and Utility? Supply and Demand? How do we measure the health of the economy?

  • Define economic recession. Discuss the variables that are likely to change as a result of economic...

    Define economic recession. Discuss the variables that are likely to change as a result of economic recession? Do the variables have similar pattern of change? Explain your answer. Discuss variables that can change the aggregate demand curve and their direction of change. Discuss business cycles? Why the business cycle curve is upward trending? What is sticky wage theory? How sticky wage theory is related to supply curve?

  • Define and Explain: Normative & Positive Economics Evaluation Title: Normative and Positive Economics Create your work...

    Define and Explain: Normative & Positive Economics Evaluation Title: Normative and Positive Economics Create your work into a Microsoft Word document and answer the following. Unit 1 Assessment- Normative and Positive Define: Briefly define the following two terms in your own words: Positive economics Normative economics Each definition should be a minimum of one to two well-developed paragraphs. Explain: For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity and that...

  • Please answer all questions The following are examples of what can more properly be characterized as...

    Please answer all questions The following are examples of what can more properly be characterized as Microeconomic type of analysis, EXCEPT:The following statements correctly describe what Economics is about, EXCEPT: Question 1 options: a)Is the study of how individuals make rational choices with limited economic resources. b)Is the study of the efficient allocation of economic resources in the society. c)Is the study of supply, demand and aggregate effects of individual choices. d)Is the study of how to maximize monetary wealth....

  • Please help with this economics question. a. Which country has an absolute advantage in producing steel?...

    Please help with this economics question. a. Which country has an absolute advantage in producing steel? Which country has an absolute advantage in producing Flash Drives? Briefly explain your answers. b. Which country has a comparative advantage in producing Flash Drives? Why? c. According to comparative advantage theory, at what price should the country specializing in Flash Drives sell them and why? d. What is the opportunity cost of one ton of steel in South Korea? Table 1. Output possibilities...

  • help short essay assignment for non resident students it cost 183 annual Economics: Supply and Demand...

    help short essay assignment for non resident students it cost 183 annual Economics: Supply and Demand USF issues parking permits to allow students to park on campus. The price of the permit is set by college administrators at their discretion, they do not consider market conditions. At the current price, some students complain that there aren't enough spaces for them to park. Address the following three points in a short essay: • Describe this situation in economic terms and describe...

  • Economics: 1) Why is it possible to change real economic factors in the short run simply...

    Economics: 1) Why is it possible to change real economic factors in the short run simply by printing and distributing more money? 2) Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1-7% regularly. 3) Explain the difference between active and passive monetary policy. 4) Suppose the economy is in long-run equilibrium, with real GDP at $16 trillion and the unemployment rate at 5%, Now assume that the central bank unexpectedly...

  • please help William A. McEachern - Chapter Titles ‘Introduction to Macroeconomics’, ‘Aggregate Expenditure and Aggregate Demand,’...

    please help William A. McEachern - Chapter Titles ‘Introduction to Macroeconomics’, ‘Aggregate Expenditure and Aggregate Demand,’ & ‘Aggregate Supply’ Chapter ‘Introduction to Macroeconomics’ Q8.      Why does a decrease of the aggregate demand curve result in less employment, given an aggregate supply curve? Q9.      Is it possible for the price level to fall while production and employment both rise? If it is possible, how could this happen? If is is not possible, explain why not. P15.      Determine whether each of the following...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT