Ijust need the rest of these questions!
economics is the social science dedicated to the study of
how scarce resources are allocated by different economic systems
all financial institutions and their history
the social and political aspects of different countries
the interactions of people and societies within a country
he following statement is from new york city's parking regulations page:
"all of new york city is a designated tow away zone under the state's vehicle and traffic law. this means that any vehicle parked or operated illegally, or with missing or expired registration or inspection stickers, may be towed."
based off this statement, what economic concept best explains why most new yorkers park correctly?
parking spaces are abundant in new york city. because they don't face scarcity, people are more likely to comply with laws.
people in new york city rely upon voluntary exchange to obtain parking. they are willing to pay the parking fees in exchange for a parking spot. since they pay for their parking spot, they are more likely to park correctly.
people respond to incentives in a predictable manner. new yorkers will park legally to prevent their cars from being towed.
most parking spaces are allocated through a first come, first served allocation method, in addition to a price system. those in line to park first will park correctly, and pay their fee, so they don't lose their spot to someone behind them.
which of the following reasons for starting a store is most closely related to an entrepreneur's motivation for innovation?
a contractor starts a new business with the expectation of making $50,000 his first year.
a computer programmer creates a new computer game that uses new technology to children with speech impediments.
a baker re-opens a storefront in her town. she hopes to carry on the legacy of her grandfather.
a financial advisor's new business provides credit counseling to those in debt.
the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices is known as
opportunity cost
specialization
productive resources
rational decision making
what is a rational economic decision?
one in which there are no opportunity costs
one in which benefits are unknown, but costs are low
one in which marginal benefits are greater than marginal costs
one in which marginal costs are greater than marginal benefits