Question

Please Help!!!! I just 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 help 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

Answer 1

Answer:

all i know that is right is

1.how scarce resources are allocated by different economic systems.

2.People respond to incentives in a predictable manner. New Yorkers will park legally to prevent their cars from being towed.

3.A computer programmer creates a new computer game that uses new technology to help children with speech impediments.

4.opportunity cost

7.A person wants an endless supply of everything but cannot have it.

9.one in which marginal benefits are greater than marginal costs

Explanation:

Answer 2

Answer:

1) Economics is the social science dedicated to the study of:

R = How scarce resources are allocated by different economic systems  

2) The 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?

R = People respond to incentives in a predictable manner. New Yorkers will park legally to prevent their cars from being towed.  

3) Which of the following reasons for starting a store is most closely related to an entrepreneur’s motivation for innovation?

R= A computer programmer creates a new computer game that uses new technology to help children with speech impediments.  

4) The next best alternative given up when individuals, businesses, and governments confront scarcity by making choices is known as ___.

R = Opportunity cost

5) What is rational economic decision?

R = One in which marginal benefits are greater than marginal costs

Explanation:

1) Economic theory assumes the fact that we live in a world of scarcity and aims to find the most efficient way of allocating scarce resources within an economic system. This is the main purpose of Economics as a social science. It is true that Economics might also study financial institutions, social and political aspects of countries or interactions of societies, but these are secondary topics that economists use to complement their models.

2) Economic science states that people (which assumes as rational)  make decisions based mainly on incentives. In this case, the threat of being towed functions as an effective incentive to avoid illegal parking in New York City.

3) Among the four options, the only one which is directly related to innovation is the option that refers to the creation of a new computer game. This appears to be a disruptive invention in the market, while all other options are traditional economic activities.

4) In a world of scarcity, opportunity cost is a concept crafted by economists which refers to the cost of letting go alternative options when making a decision. This means, the potential gain that the decision maker let go when choosing one alternative instead of other(s).

5) Economists use the concept of "marginal" to refer to an additional unit. Thus, marginal benefit refers to the additional utility a consumer obtains by increasing his consumption in one unit, whereas the marginal cost refers to the cost of producing one additional unit. When marginal benefit equals or exceeds marginal cost, a rational economic decision is being made.