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What is the key economic concept that serves as the basis for the study of economics is?
Wiki User
∙ 12y ago
efficient use of limited productive resources to satisfy economic wants.
Wiki User
∙ 12y ago
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The key economic concept that serves as the basis for the study of?
Scarcity
Managerial Economics serves as a link between traditional economics and decision making Discuss?
many concepts in economics are regarded as empirically observed and evident but not theoretically understood or validated. That is to say there is a void between the academic Economics (traditional) and the practical application of Economics (managerial). Managerial economics serves as a means of applying economic theory to managerial decisions (real life business problems) of dealing with limited resources and competing ends. Managerial economics is a link as it's basis is in "traditional" economics but it can rarely be perfectly applied to contemporary "real life" decision making.
What do scientists base their economic models on?
Though Economics would like to be called a science, it lacks the reliable predictive basis to justify that.
What is the basis question that economics seeks to explain?
The basic economic question faced by all economists: How to satisfy unlimited needs and wants, when resources are limited.
What is meant by the phrase Austrian Economics?
What is meant by the phrase Austrian Economics is the way economists look at the market. Carl Menger , the founder of the Austrian School, spelled out the subjective basis of economic value and showed how money originates in a free market.
The key economic concept that serves as the basis for the study of?
Scarcity
Managerial Economics serves as a link between traditional economics and decision making Discuss?
many concepts in economics are regarded as empirically observed and evident but not theoretically understood or validated. That is to say there is a void between the academic Economics (traditional) and the practical application of Economics (managerial). Managerial economics serves as a means of applying economic theory to managerial decisions (real life business problems) of dealing with limited resources and competing ends. Managerial economics is a link as it's basis is in "traditional" economics but it can rarely be perfectly applied to contemporary "real life" decision making.
What basic concept of algebra was developed by the Muslims?
Al-Khwarizmi, a Persian Muslim polymath, invented the concept of searching for the unknown, which serves as the fundamental basis of algebra.
What do scientists base their economic models on?
Though Economics would like to be called a science, it lacks the reliable predictive basis to justify that.
What is the basis question that economics seeks to explain?
The basic economic question faced by all economists: How to satisfy unlimited needs and wants, when resources are limited.
What is meant by the phrase Austrian Economics?
What is meant by the phrase Austrian Economics is the way economists look at the market. Carl Menger , the founder of the Austrian School, spelled out the subjective basis of economic value and showed how money originates in a free market.
With which concept the business profit or economic concept provides the more appropriate basis for evaluating business operations?
Businesses i know are there to maximize profit and minimize cost.On this basis,i think the business profit concept is the most appropriate basis for evaluating business operations because banks,lenders or creditors will the creditworthiness of such business if loan or any other facility has been advanced to such business to see whether they can offset such debt if given to them.
Serves as a basis for making predicitons?
history
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
What concept is the basis for the constitution?
executive privilege
What serves as the basis for coding?
Recorded Documentation
the cost concept the basis for entering the exchange price into the accounting records?
That statement is true. The cost concept is the basis for entering the exchange price into the accounting records.
