Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 1: Q 7. (page 24)

What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?

Short Answer

Expert verified

An issue in this present reality that has an economic dimension is overpopulation.

Step by step solution

01

Step 1. Meaning of economics.

The investigation of how well people can as a rule settle on decisions under the conditions of scarcity is typically named as economics.

It is generally regarded as a study of the demand and supply of goods as well as services and also observing how it affects the market as well as the national income of an economy.

02

Step 2. A problem in the world.

An issue in this present reality that has a financial aspect is overpopulation. With limited reosurces available and unlimited wants and needs, overpopulation would cause the problem of scarcity to worsen.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

What is the difference between microeconomics and macroeconomics?

Discuss each one of the following from the standpoints of equality and efficiency.

  1. “Everyone in the society should be guaranteed the best healthcare possible.”
  2. When workers are laid off, they should be able to collect unemployment benefits until they find a new job.”

What items would you include to figure out the opportunity cost of a vacation to Disney World?

A computer systems engineer could paint his house, but it makes more sense for him to hire a painter to do it. Explain why?

What are the three main goals of macroeconomics?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free