Question
updated 3 years ago
Category:
Economics
Explain the difference between macroeconomics and microeconomics. Give examples of the areas of concern to each branch of economics.
Editor June 29, 2021
Here is a tip: Economics is broadly classified into two parts- microeconomics and macroeconomics. Explanation Macroeconomics is a broader study of economics that considers the economy as a whole. The (View full solution)
updated 3 years ago
Category:
Economics
Why isn't money considered capital in economics?
Editor June 29, 2021
Here is a tip: In economics, capital refers to those durable goods which can be used for further production of other goods and services. Explanation Economics defines capital as a (View full solution)
updated 3 years ago
Category:
Economics
Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery, would you escape the scarcity problem?
Editor June 29, 2021
Here is a tip: Scarcity refers to a situation in which the desires and demands of individuals are more than the goods, services or time available to them. Explanation In (View full solution)
updated 3 years ago
Category:
Economics
Does the Minimum Wage Really Help the Working Poor? Minimum wages exist in more than 100 countries. In 1938, Congress enacted the federal Fair Labor Standards Act, commonly known as the “minimum-wage law.” Today, a minimum wage worker who works full-time still earns a deplorably low annual income. O...
Editor June 29, 2021
Here is a tip: Personal opinions are normative statements whereas stated facts are positive statements. Explanation Theoretically there are some alternative ways that help the working poor, but not many (View full solution)
updated 3 years ago
Category:
Economics
Does the Minimum Wage Really Help the Working Poor? Minimum wages exist in more than 100 countries. In 1938, Congress enacted the federal Fair Labor Standards Act, commonly known as the “minimum-wage law.” Today, a minimum wage worker who works full-time still earns a deplorably low annual income. O...
Editor June 29, 2021
Here is a tip: A positive statement refers to verifiable statements, which can be termed true or false, whereas, normative statements are arguments like opinions or judgements, which cannot be (View full solution)