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3 years ago

Which statement best defines the term economics?

1 answer:

4 0

<span>The correct answer should be something along the lines of "the study of distribution of scarce goods", or "the study of choices with limiter sources", or the study of the circulation of goods or anything similar. There are various different definitions of what economics are and often it encompases many more things than just money since economics existed even before money was created, only they were simpler.</span>

You might be interested in

Why does the US import oil?

agasfer [191]

Answer:

C. because it does not produce enough oil.

Explanation:

Although, the United States is one of the leading producers of oil, yet still import oil because it does not produce enough oil to meet the demand of its citizens. In other words, the United States consumes more than what she can produce.

Another reason is that most refineries in the United State are created basically for heavy crude whereas most of what she produce are light crude oil. The United States import the oil she is able to process while she export to other countries to complete the setup process.

The remedy to the above situation is when new refineries are built which are somewhat expensive or the existing refineries are upgraded to meet with the demand.

6 0

3 years ago

For a given market, suppose that the quantity demanded is 240 units if the price is $20 and the quantity demanded is 275 units i

Verizon [17]

Answer:

true

Explanation:

Equilibrium is the point at which quantity supplied equals quantity demanded. Above equilibrium price, there would be excess supply and below equilibrium price, there would be excess demanded and a shortage.

Equilibrium price is $20 units and equilibrium quantity s 240 units

When price is $16, demand is 275 and supply is 200 units

Shortage = 275 - 200 = 75 units

4 0

3 years ago

Martinez Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related va

Reptile [31]

Answer:

2020 $11,700

2021 $8,080

2022 $14,040

Explanation:

PBO = Projected benefit Obligation

PA = Plan Asset

Acc. OCI = Accumulated OCI Gain / Loss

Min. Amort loss = Minimum Amortization of Loss

Year : PBO ; PA ; Corridor 10% ; Acc. OCI ; Min. Amort loss

2019 : $2,340,000 ; $2,223,000 ; $234,000

2020 : $2,808,000 ; $2,925,000 ; $280,800 ; $397,800 ; 11,700

2021 : $3,451,500 ; $3,042,000 ; $345,150 ; $264,350 ; 8,080

2022 : $4,212,000 ; $3,510,000 ; $421,200 ; $280,800 ; 14,040

6 0

4 years ago

Trust based on a person's competence would be summarized by this team member's affectionate statement towards another team membe

Maslowich

Answer:

The correct answer is:

I trust you to be able to accomplish this task (C)

Explanation:

First of all, you have to know the meaning of the word competence, and competence is a collection of related relevant abilities, know-how and skills required to act effectively on a job or situation. Which is a clear message passed by the speaker in the statement "I trust you to be able to accomplish this task", because the speaker knows that his team member possesses the right skills to carry out a task successfully.

The statement in option D ( "I trust you to do the right thing." ) also tells a little about competence because one of the definitions of competence highlights being sane, and one needs to be sane to do the right thing, but it is only second choice when compared to the statement in option "C".

Next time when you are faced with this kind of question, identify the keyword ( which in this case is competence), and use that to answer the question.

7 0

4 years ago

Why are entrepreneurs considered both spark plugs and catalysts of the free enterprise economy?

Tanya [424]

<span>Entrepreneurs are considered to be both spark plugs and catalysts of the free enterprise economy because of a number of reasons. Everybody benefits and profits when an entrepreneur becomes successful. When an entrepreneur opens his or her search for profits, the effects would be a chain of events where new products, greater competition, more production, higher quality, and lower prices for consumers can be observed. An entrepreneur is said to be a spark plug in the free-market for there is that vision of providing a product or a service that people are willing to pay for, combined with the ability to produce that product or service at a cost below the market sales price which propels him/her to take action. Capitalism will not work if it were not for the entrepreneurs who take the risks and start the businesses that produce the goods and services we all enjoy.</span>

3 0

4 years ago