Scarcity is the mother of all economic problems. Explain. What economic models would be likely, if economies were not driven by scarcity? What are the differences between free and economic goods under scarcity? Economics is the study of scarcity & choice. If ...
Macroeconomics is the part of economics that is concerned with the large-scale economic factors, such as production, inflation, and unemployment...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough homework...
Psychologists have identified three sources of conformity: automatic mimicry and imitation, normative influence (doing what oth- ers do to increase social acceptance), and informational influence (the crowd is often a good source of information about what is correct or appropriate). An understanding ...
If the economic activity reflected by the certificate is not in conformity with the real economic activity, the certificate is invalid. For example, when an enterprise purchases goods and pays the amount in the current year, the recipient collects invoices over the years, and if the enterprise p...
What is the difference between a positive and a normative statement? Give examples of each. Explain how absolute advantage differs from comparative advantage. Does having a comparative advantage necessarily mean being more productive? Explain. Define and provide examples of the following term: Econo...
Explain the difference between positive and normative economics and how this affects ethical decision making. 1) What impact does a compensating balance requirement have on the cost of borrowing from a bank if the firm generally holds little or no checking b...
Determine whether the following statement is positive or normative: "The Social Security system is a good system and it deserves to be preserved as it is." Discuss how natural resources relate to economic activity and human welfare....
Explain: Positive economic statement versus normative economic statement. a. Explain key microeconomic terminology. b. Differentiate between microeconomics and macroeconomics. c. Create and use economic graphs and numerical models to analyze and solve microeconomic problems. d. ...
A market failure is an economic concept that shows the lack of efficiency in the allocation of scarce resources. Therefore, governments should monitor the market failure to correct them with different government instruments such as taxes and subsidies. One example of market failure is externalities....
Describe two (2) main concentrations of normative accounting theory. Explain how accounting principles affect financial statement analysis. Identify the accounting assumption, principle, or constraint that describes each situation below. Do not use any asumption, principle or constraint more than once. ...