what is economics?
what is scarcity?
Why study economics?
meaning of economics.
economics problem.
what is positive economics?
what is normative economics?
different between positive economics and normative economics.
what is microeconomics?
what is macroeconomic?
different between microeconomics and macroeconomic.
what is production possibility curve (ppc)and function limition assumptions.
Answers
1. What is Economics?
Economics is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behavior and interactions of economic agents and how economies work.
2. What is Scarcity?
Scarcity as an economic concept "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."
3. Why study economics?
More broadly, an economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimize the outcome.
4. Meaning of economics.
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. ... The building blocks of economics are the studies of labor and trade.
5. Economics problem.
An economic problem generally means the problem of making choices that occurs because of the scarcity of resources. It arises because people have unlimited desires but the means to satisfy that desire is limited. Therefore, satisfying all human needs is difficult with limited means.
6. What is positive economics?
Positive economics is the branch of economics that concerns the description, quantification and explanation of economic phenomena. It focuses on facts and cause-and-effect behavioral relationships and notes that economic theories must be consistent with existing observations.
7. What is normative economics?
Normative economics is a part of economics whose objective is fairness or what the outcome of the economy or goals of public policy ought to be. Economists commonly prefer to distinguish normative economics from positive economics.
8.Different between positive economics and normative economics.
Positive economics describes and explains various economic phenomena or the "what is" scenario. Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be."
9. What is microeconomics?
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
10. What is macroeconomic?
Macroeconomics is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy’s growth and stability. This includes regional, national, and global economies.
11. Different between Microeconomics and Macroeconomic.
Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach. Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
12. What is production possibility curve (PPC)and function Limition Assumptions.
The production possibility curve is based on the following Assumptions: (1) Only two goods X (consumer goods) and Y (capital goods) are produced in different proportions in the economy. (2) The same resources can be used to produce either or both of the two goods and can be shifted freely between them.