The economic way of thinking is best described as An analytical framework enabling one to reach informed
Question:
The economic way of thinking is best described as
An analytical framework enabling one to reach informed conclusions.
the collected writings of the economics Nobel Prize winners.
the glossary of terms at the back of your textbook.
a set of economic rules handed down from one generation to the next.
What is the relationship between wants and resources?
Wants are studied in macroeconomics and resources are studied in microeconomics.
The wants of an individual determine the amount of money (resources) that they will need to earn.
Resources are used to produce things that satisfy people's wants.
Wants are developed by an individual's self-interest while resources are developed by empirical analysis.
Suppose that the price of a bad of coffee is $10 and the price of a T-shirt is 6$. What is the relative price of a bag of coffee?
1.667
16
.600
4
Expert Answer:
