Answer:
Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of _______.
the answers are opportunity cost; choices
Explanation:
The major emphasis of economics is how people choose among the alternatives available to them. Economics studies the concept of opportunity cost (i.e) the wants left unsatisfied in other to satisfy more pressing needs. Since the study of economics arises as a result of scarcity, the act of choosing important want to be satisfied and leaving less the less important ones unsatisfied is an important aspect that economics studies
However, It is similar to other social sciences because it involves people and their behavior. (i.e people and their choices) subjects such as political science, sociology, psychology etc. all studies human behavior and how human reacts to what they are faced with daily.
Answer and Explanation:
In the 1st Scenario, money is used as a unit of account, which means it is used to exchange goods or services.
In the 2nd Scenario, money is used for future saving or future use, so it is included in the Store of value.
In the 3rd Scenario, money is used for the purchase of food, So it is called the medium of exchange.
When an economist makes a prediction that a rise in consumer incomes will increase the demand for bicycles sold by a bicycle company, it is made on assumption that bicycles are normal goods. Therefore, the option A holds true.
<h3>What is the significance of normal goods?</h3>
The normal goods or services being sold in the market of an economy can be referred to or considered as goods that have a direct relation with the demand for such goods, which are affected by consumer income.
As per the behavior of normal goods, it can be inferred that their demands increases with a given increase in the disposable income of the consumer, such as the one in the condition given above.
Therefore, the option A holds true and states regarding the significance of normal goods.
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An economist for a bicycle company predicts that a rise in consumer incomes will increase the demand for bicycles. This prediction assumes that bicycles are _____.
A. Normal goods
B. Luxury Goods
C. Inferior Goods
D. None of the Above
Answer:
Advantage: Variety
Disadvantage: Poor work conditions
Explanation:
The railroads have an impact on contemporary business methods corporate boards are created.
In the United States, an extensive network of railroads was built starting in the nineteenth century, allowing for the movement of products and people over significant distances, the settlement of sizable areas of the country, the development of towns and cities, and the unification of a country. Early railroads were a long cry from the vast train network that was constructed in the nineteenth century and is still in use today. In the early days of railroad construction in the United States, horses transported cargo to adjacent waterways along short, wooden railways constructed by quarries and mines.
In Quincy, Massachusetts, and Mauch Chunk, Pennsylvania, quarry and mine owners built the first full-size railroads in 1827. In 1829, the first locomotive to be used on a railroad was purchased from England.
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