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The best way to describe economics is that it is the study of __________ preventing scarcity. how decisions are made. maximizing productivity. money and finances. correct answers how decisions are made. Economics is the study of decision making. Which are concepts that Adam Smith f...

A change in price of a good or service typically causes for that specific good or service. correct answers a change along the supply curve Why would a bank require a borrower to have collateral or a cosigner before agreeing to lend funds? correct answers reduces risk associated with imperfect inf...

In the first chapter of The Wealth of Nations, Smith introduces the idea of the _______, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. Division of Labor Interconnected Economy Task Econom...

Consumers pay for healthcare. correct answers * Directly, via out-of-pocket payments * Indirectly, via - insurance premiums, - wage reductions, and taxes. Financing is important. correct answers We pay for most care indirectly via premiums, wage reductions, and taxes. How we pay for ...

define demand correct answers the amount of a good or service consumers are willing and able to purchase at each price demand is based on correct answers needs, wants, ability to pay effective demand correct answers The desire for a good or service backed by an ability to pay define price c...

Why is economics valuable for managers? correct answers 1. Economics helps managers focus on key issues. 2. Economics outlines strategies for realizing goals given the available resources. 3. Economics gives managers ground rules for strategic decision making. 4. Economics gives managers a framew...

Asymmetric information correct answers is common in healthcare affects many relationships, has potentially serious consequences, must be considered by managers, and can be addressed in multiple ways. Asymmetric information is often a factor in correct answers provider-patient relations, insu...

Briefly explain whether a patent should be used to provide an incentive for investors? If your answer is positive, explain whether there should be any limits or conditions relating to same. correct answers Patents should provide an incentive for inventors, but they should be limited to genuinely new...

Define Productive Efficiency and Allocative Efficiency correct answers - Productive efficiency: is concerned with the optimal method of producing goods; producing goods at the lowest cost. - Allocative efficiency is concerned with the optimal distribution of goods and services. Briefly contrast ...

in a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: correct answers Buyers and sellers demand is said to be _____________ when the quantity demanded changes at the same proportion as the price correct answers Unit elastic According to...

low inflation correct answers When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being: flow of goods, services, and payments between households and firms. correct answers The circular flow diagram of economic activity is a model of the: goods and ser...