Log in
Economics
1
answer
1
watching
900
views

Which of the following is not a central focus of the "economic perspective"?

a. Scarcity and choice

b. The scientific method

c. purposeful behavior

d. marginal analysis

Watch
1
answer
1
watching
900
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Vaishali Yadav
Vaishali YadavLv10
4 Sep 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

Give one example of how each of the following elements of the economic perspective relate to labor economics: relative scarcity, opportunity costs, purposeful behavior(optimization), and adaptability (updating)

The economic perspective entails:

A. irrational behavior by individuals and institutions

B. a comparison of marginal benefits and marginal costs in decision making.

C. short-term but not long-term thinking.

D. rejection of the scientific method. 

Please only anwer the Following question:

Question :focus in on one of the main concepts covered (e.g., scarcity, ceterus pariubus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect in the study of economics.

Answer:

Scarcity is a situation where the availability of resources at our disposal is less then the needs of society.since human wants are unlimited and resources are limited therefore it gives rise to a problem of choice.

Example the oil resources are scarce in relation to Wants .

This is important in decision analysis of any economic problem as without it we are unable to judge which good to produce and sell in market.

Following question:

Can you comment on what you see as the relationship between scarcity, opportunity cost and trade off?

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in