0
What is the basis question that economics seeks to explain?
Filpearl08
The basic economic question faced by all economists:
How to satisfy unlimited needs and wants, when resources are limited.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
What are different kinds of economics?
Economics is one social science among several but has fields bordering on other areas, including economic geography, economic history, public choice, cultural economics, and institutional economics. One division of the subject distinguishes two types of economics. Positive economics ("what is") seeks to explain economic phenomena or behavior. Normative economics ("what ought to be," usually as to public policy) prioritizes choices and actions by some set of criteria; such priorities reflect value judgments, including selection of the criteria. Another distinction is between mainstream economics and heterodox economics. One broad characterization describes mainstream economics as dealing with the "rationality-individualism-equilibrium nexus" and heterodox economics as defined by a "institutions-history-social structure nexus." Areas of economics may be classified in various ways, but an economy is usually analyzed by use of microeconomics or macroeconom. Economics as an academic subject often uses geometric methods, in addition to literary methods. Other general mathematical and quantitative methods are also often used for rigorous analysis of the economy or areas within economics. Such methods include the following.mathematical economics. econometrics. national accounting. Some selected field of economics ::agricultural economics. economic growth and development economics. economic system. environmental economics. financial economics. game theory.industrial organisation. information economics.international trade and finance. labour economics.law and economics. public finance. manegarial economics. welfare economics.
Why is the idea of scarcity a starting point thinking economically?
Economics seeks to solve the scarcity problem, which exists because resources are limited whereas needs and wants are unlimited.
What do you mean by managerial economics and what is science?
Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop vital tools for managerial decision making. This process is illustrated in Figure 1.1. Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively
Why do you have economics?
Personally I don't "have" it, however the subject is regarded as a necessary part of living on both a personal level and on a national one. Economics provides us with the means of describing and to some degree understanding the relationship between the efforts that we make and the value of the results that we (partially) enjoy. Since the following two axioms are fundamental to this subject, it is then possible to reason in this subject and to learn more about its significance to our community. "Man seeks to satisfy his needs with the minimum of exertion" "Man's desires are unlimited" These two axioms were first proposed by Henry George (North American 19th centuary) , the first economist who seriously tried to put this subject on a scientific basis.
Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
What are the two main economic problems that keynesian economics seeks to address?
periods of depression and inflation.
What is a quatitavive question?
The key word in the question is quatitavive. This is too close to two possible alternatives: quantitative and qualitative. A quantitative question seeks information in numerical form, a qualitative question seeks information which is descriptive but not numerical.
What is one question religion seeks to answer?
The purpose of life
if a question seeks an explanation is it rhetorical?
No. A rhetorical question is asked only for effect and no answer is expected.
Which scientific term is used to describe a testable model that seeks to explain natural phenomena?
theory
Is fascism liberal?
NO. Fascism specifically seeks to restrict the individual rights and liberties which form the basis of liberal policy.
What is accelerating universe?
An accelerating universe is a theory which describes and seeks to explain the increasing rate of the expansion of the universe.
What is an accelerating universe?
An accelerating universe is a theory which describes and seeks to explain the increasing rate of the expansion of the universe.
What is the question socialism attempts to answer?
The key question that Socialism seeks to answer is: Who should be in control of the industrial means of production, such as factories? Socialism seeks to answer this question by arguing that the population as whole, represented by committees, should own the means of production and not individual capitalists.
What document sets the grounds for the court's jurisdiction basis of the case and the relief that the plaintiff seeks?
what web site d.h.s. case
What are different kinds of economics?
Economics is one social science among several but has fields bordering on other areas, including economic geography, economic history, public choice, cultural economics, and institutional economics. One division of the subject distinguishes two types of economics. Positive economics ("what is") seeks to explain economic phenomena or behavior. Normative economics ("what ought to be," usually as to public policy) prioritizes choices and actions by some set of criteria; such priorities reflect value judgments, including selection of the criteria. Another distinction is between mainstream economics and heterodox economics. One broad characterization describes mainstream economics as dealing with the "rationality-individualism-equilibrium nexus" and heterodox economics as defined by a "institutions-history-social structure nexus." Areas of economics may be classified in various ways, but an economy is usually analyzed by use of microeconomics or macroeconom. Economics as an academic subject often uses geometric methods, in addition to literary methods. Other general mathematical and quantitative methods are also often used for rigorous analysis of the economy or areas within economics. Such methods include the following.mathematical economics. econometrics. national accounting. Some selected field of economics ::agricultural economics. economic growth and development economics. economic system. environmental economics. financial economics. game theory.industrial organisation. information economics.international trade and finance. labour economics.law and economics. public finance. manegarial economics. welfare economics.
