Answered: What is the essence of studying the…

Business

Economics

What is the essence of studying the various fundamental laws and theories of learning? Explain.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter2: Economic Systems And The American Economy

Section2.1: Economic Systems

Problem 2R

See similar textbooks

Related questions

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: Economic System is a structural organization which allocates resources, and plays the basic…

Q: Use your own example to explain the reason why, in the real world, business firms and societies face…

A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…

Q: a) Briefly explain how is the ‘Islamic man’ different from the ‘economic man’? b) Describe whether…

A: Resources are scarce in all types of economies. Thus, every economic system seeks to utilize these…

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…

A: Productive efficiency takes place when production of the optimal combination of output is achieved…

Q: What is economic paradigm

A: A paradigm (/prdam/) is a distinct collection of ideas or thinking processes in science and…

Q: Which of the following examples illustrate why even the 1,826 billionaires in the world face…

A: Basics:- Scarcity is measured as shortage of resources against unlimited human wants. In the given…

Q: What are the key elements of the scientific method and how does this method relate to economic…

A: Scientific method is to observe whether the research which is going to be done how much it will…

Q: In capitalist system, they are many fraud and illegal things happened. Why it happen?

A: There are various schools of economic thought, each with its own beliefs and principles. In a…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans- Market power model means a broader market which existing rebranding bar. It is constant…

Q: How is Social Entrepreneurship a contributing factor to SDG

A: In the field of social development, the beginning of the new millennium had brought with it a sea of…

Q: Microeconomic theory studies how a free-enterprise economy determines (a) the price of goods, (b)…

A: Microeconomics is the branch of Economics which studies the behavior of individuals, households and…

Q: Define production and What are the factors of production and what are their reward payments?

A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…

Q: Explain the following two statements: “Education increases human capital and expands production…

A: Answer- Need to find- Explain the following two statements: “Education increases human capital and…

Q: Marx claimed that “ society is fundamentally determined by the material conditions or by the…

A: Historical Materialism, which is also known as the materialist conception of history is defined as…

Q: Although attending college is expensive, time-consuming, and requires effort, but people decide to…

A: According to the ration consumer theory, when the marginal benefit (MB) gained from consuming…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: please help me out please Economic Systems Essay Compare and contrast the ways in which…

A: Traditional economies mainly depend on agriculture or certain other occupations. So what to…

Q: Provide an explanation an economist might give showing why each statement is true: - Entrepreneurs…

A: Meaning of Managerial Economics: The term managerial economics is all about management under…

Q: Match the following: a) Diamond water paradox b) Value and capital c) Principles of economics d)…

A: Diamond Water Paradox was pondered by Adam Smith. Value and Capital is a book by J.R. Hicks.…

Q: A good economic theory

A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…

Q: Explain how scarcity affects the factors of production.

A: scarcity is the point at which an asset is totally gone or is coming up short. at the point when…

Q: Economic is a social science that is considered a precise art.

A: The study of societies and the relationships among persons within those communities is referred to…

Q: Microeconomics is best described as the study of a. economy-wide phenomena. b. how households and…

A: Economics comes from the Greek word which means management of households. In economics, we study the…

Q: characteristics of a goal location of microeconomics business concept

A: Microeconomics: Microeconomics is a part of financial matters that review people and firms' conduct…

Q: Types of Production A В E Capital Goods 10 20 30 40 Consumer Goods 75 68 54 47 What is the…

A: Opportunity cost (generally) is the cost of availing one opportunity in terms of loss of other…

Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…

A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…

Q: The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial…

Q: Islamic economics must show its establishment as a FIELD of economics and economics. Islamic…

A: Answer A. The differences between Economics and An Economic System are : S.NO. ECONOMICS AN…

Q: Why is economics is deeply rooted in the concept of scarcity?

A: Professor Lionel Robinson is a person who give importance to scarcity in economics.

Q: What do you think is/are the most effective and efficient economic system? Explain your answer…

A: The most effective and efficient economic system is mixed economic system. In this, there is a blend…

Q: Discuss the factors of production and how it can be accessed.

A: Factors of production are important for carrying out business activities and for overall economic…

Q: What are economic resources? What categories do economists use to classify them? Why are resources…

A: Economics is the study of how scarce resources are allocated to satisfy maximum human wants. Human…

Q: In a most recent newspaper, identify three (3) economic issues and classify them as relating to…

A: 1 Poverty- Macro level problem In the recent news, Philippines is facing a high level of poverty.…

Q: According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the…

A: Destruction: It means the act of demolishing something.

Q: What is meant by micro economics?

A: People consume goods and services to satisfy human wants. People have to choose because resources…

Q: Economic Systems and Decision Making Economic System Three economic questions are determined by:…

A: Economic System refers to which societies or government organize & distribute available…

Q: 1. Economic Efficiency 2. Economic System

A: 1. Economic efficiency shows equilibrium between misfortune and advantage. Model scenario: A rancher…

Q: What are the major course learning outcomes from studying a microeconomics course?

A: Microeconomics is the discipline of economics that investigates the economy on individual and…

Question

What is the essence of studying the various fundamental laws and theories of learning? Explain.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What are the key elements of the scientific method and how does this method relate to economic principles and laws?
Who are the forerunners and father of Economics. Explain and discuss their contribution in the field of economics.
Which intellectual had a profound impact on the works of Thorstein Veblen? a. John Locke b. John Stuart Mill c. Stanley Jevons d. Karl Marx e. Isaac Newton
Explain what is the three methods of linking theory and analysis?
Although attending college is expensive, time-consuming, and requires effort, but people decide to attend college. Explain why?
What are some of the insights gained from taking a fundamental microeconomics course?
What comes to mind when you think about macroeconomics and microeconomics?
Economics deals with the efficient use of resources. Why?
Economic systems differ according to which two main characteristics? Select one: A. the technology used in production and the quantity and quality of natural resources B. the political system in place and the degree of scarcity facing the economy C. who owns the factors of production and the methods used to coordinate economic activity D. how goods are produced and who gets them
What is Economics, and Why Is It Important? What is Studied in Microeconomics and Macroeconomics? What are some of the Requirements for Economic Models?
Is economics a science?What are you most excited to learn about in economics?What comes to mind when you think about macroeconomics and microeconomics?
It's a positive or normative statement? explain?