Answer:
Economic reasoning is based on the premise that: all decisions or actions have a cost associated with them.
Explanation:
Economic reasoning is a way of thinking in which all the actions are presented and analysed using economic principles to determine their economic viability. Some of the principles that form a basis for economic reasoning are;
1. People face trade-off's: every person has to engage in trade at one point or another since resources will always be limited and human needs are infinite. Therefor there will always be a scarcity that needs to be fulfilled.
2. People economize: people will always make decisions on something based on what they perceive as the best economic decision in terms of benefits over costs.
3. All choices involve costs: every choice even if it doesn't involve money or a business transaction has a cost. Even doing nothing has a cost since there is an opportunity cost of another alternative activity.
4. The consequences of choices lie in the future: decisions are often made without knowing what is to come. Humans however try to use their knowledge to predict the future. The future holds the consequences on the choices made now.
5. People respond to incentives: incentives can be either rewards or punishments. These incentives determine how people will react and can be used to model behavior.
6. Voluntary trade creates wealth because both parties expect to gain value from the exchange.
7. Markets facilitate exchange: these institutions encourage people to engage trade depending on their individual perceptions.
8. Governments can some times improve market outcomes
9. The standards of living, both individual and national all depend on the ability to produce goods and services.
When one is said to have curiosity, an ability to understand context, and a technical mindset, they have <u>analytical skills.</u>
<h3>What are analytical skills?</h3>
These are skills that allow a person to make decisions based on data that they are presented with.
They include skills such as curiosity, data design, data strategy, and an ability to understand context. These allow a person to look at data, and understand what to do with it.
In conclusion, option D is correct.
Find out more on data drive decisions at brainly.com/question/26064077.
Given the four fundamental factors that affect the cost of money, only options b and d are correct.
Statement b is true:
When people invest their money, they are foregoing consumption in that current period that they are in.
They expect their invested capital to yield them interests as compensation for not spending the money earlier.
Statement d is true:
When people invest, what they look out for are risks and most importantly the returns that they would get from investing their capital.
A 10% investment return is greater than a 6% return. Because this return is higher, it would therefore attract more capital investment.
Options a and c are false.
Read more on brainly.com/question/14273351?referrer=searchResults
One posture that places a person at risk for injuries from poor ergonomic practices is slumping, not sitting properly and placement of keyboard, mouse and not maintaining the recommended distance from screen.
Answer:
TRUE
Explanation:
Arguments for the specific identification method are as follows:
(1)It provides an accurate and ideal matching of costs and revenues because the cost is specifically identified with the sales price.
(2)The method is realistic and objective since it adheres to the actual physical flow of goods rather than an artificial flow of costs.
(3)Inventory is valued at actual cost instead of an assumed cost.
Arguments against the specific identification method include the following:
(1)The cost of using it restricts its use to goods of high unit value.
(2)The method is impractical for manufacturing processes or cases in which units are com-mingled and identity lost.
(3)It allows an artificial determination of income by permitting arbitrary selection of the items to be sold from a homogeneous group.
(4)It may not be a meaningful method of assigning costs in periods of changing price levels