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

a. Scarcity and choice

b. The scientific method

c. purposeful behaviour

d. marginal analysis

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Mahe AlamLv10

12 Oct 2020

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Related questions

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.

orchidrabbit535

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?

The central question in economics is how to

a. deal with the problem of scarcity

b. change government economic policy

c. change people's wants to match their needs

d. manage money and become wealthy

change people's wants to match their needs