Use economics to explain this statement:?
The people using the highways like to speed and increasing the speed limit will increase risks of accidents on highway. Those that use the noninterstates roads are the seniors and increasing the speed limit have no effect on the safety.
Explain how economics apply to health care?
If economic way of thinking does not apply to healthcare, how come we measure healthcare expenditure in per cent of GDP and discuss options for healthcare financing? :) Read this essay for starters: http://www.nybooks.com/articles/18802 __________
Explain how economics relates to government?
The government tries to influence the economy through its economic policies, imposed by regulatory agencies such as the Federal Reserve. Government also has the power to impose taxes, which effects the economy, businesses, and people.
How would you explain economics to an eight-year-old child?
Economics can be simply explained as huge wheel of activities with its center as MONEY.A father can explain in the following words to his child :- Nothing in this world is without a cost. You buy a thing and pay for it by way of money or otherwise. I work for a big businessman , who pays me for my labour, like we pay the housemaid for her labour. Similarly millions of people provide labour to earn money. We use money to buy goods like eatables , dresses, bikes , pay school fee, travel during holidays and so on. Businessmen use money for running business which is either goods production or services.-We keep some money in Banks , and such small amounts totaling millions is given to run business by businessmen, and they later repay with interest. Our money lying with the banks earn some part of this interest. Banks have a big bank called the Reserve Bank who prints currency notes (money ) and also lends money to other banks.This goes on and on ….That’s economics in short for a eight year old.
What is economics in a word?
I would say that Economics is money circulation.Actually, there are a lot of words we can describe it begining from the a school subject to world economics that has a direct connection to politics.Well, if you want to go deep into it you can ask for a professional research and review on economics and studies https://123writings.com/homework.... If it’s your homework at school to collect different meaning of ‘economics’ you can visit any synonym dictionary.
How do you explain some the basic terms of Economics in layman's term or to a kid?
We have to create 3 to 4 video clips per concept.I believe we must teach 24 basic concepts of economics to children starting at 6 yrs upto 12 yrs of age.Starting with “Correlation between Demand & Supply” at 6.By 7 child should know 1+4 economic concepts.By 8 yrs 1+4+4 & so onUse items & ideas that they like.Like Chocolates, Pets, Toys, friends & Cartoon-Characters.At 12 they must know the Schumpeter’s theory that:the "gale of creative destruction" describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one".
Explain why economics is about the allocation of resources for the production and distribution of goods and?
Goods (and services) that are scarce are called economic goods (or simply goods if their scarcity is presumed). Other goods are called free goods if they are desired but in such abundance that they are not scarce, such as air and seawater. Too much of something freely available can informally be referred to as a bad, but then its absence can be classified as a good, thus, a mown lawn, clean air, etc. Economists study (among other things) how societies perform the allocation of these resources — along with how communities often fail to attain optimality and are instead inefficient. More clearly scarcity is our infinite wants hitting up against finite resource. Economists study these things so we can get a better understanding of how our society works and performs. It's just commons sense.
Explain the economic multiplier effect?
I will explain it through an example. There are three borrowers in an economy say A,B,C. There are 3 financial banks called XYZ. In bank X they have 1000 dollars as deposits. They have to deposit 10% of the deposits in the central bank which is a rule. That is 100 dollars from the deposits will be kept at central bank. Other 900 they will issue to borrower A as a loan. Borrower A will deposit money at Bank Y . Then Bank Y will receive 900 dollars deposits as a result of above transaction. Bank Y will send 10% of it to the central bank and issue loans worth to 890 dollars to another borrower which is B. Borrower B will receive the loan and deposit it in Bank Z. Bank Z will get 890 dollars and they will send 10% of it to central bank. Other 801 dollars they can issue as a loan to Borrower C. Note that as a summary what happens is part of the deposits in commercial banks can be issued as loans to borrowers.That is the amount deducted from required reserve by central bank. The whole debt process starts from the initial 1000 dollars. The borrower should deposit the money in a different commercial bank in order for it to affect.Otherwise multiplier effect will not take place