Why is knowledge of basic economic principles important for business?

Answers

Answer 1
Final answer:

Knowledge of economic principles, such as the laws of demand and supply, enhances critical thinking, allows better evaluation of economic issues, and sheds light on multiple options rather than providing straightforward answers. These principles prevail even when governments enact market-altering laws.

Explanation:

Knowledge of basic economic principles is crucial in the world of business. A strong foundation in economics can aid you in becoming a

well-rounded thinker

, empowering you to understand and critically evaluate economic issues prevalent in articles, discussions, and debates. A basic economic understanding can help distinguish between common sense and flawed logic. It opens up new ways of contemplating personal, business-related decisions, current happenings, and political scenarios. The study of economics does not necessarily provide particular answers, but it can vividly shine a light on various options. Economists highlight a few fundamental principles, such as the laws of

demand and supply

, vital in understanding how economic agents behave in diverse circumstances. Governments can enact laws to manipulate the market, but these economic principles still prevail, sometimes unexpectedly, possibly undermining government policy intent.

Learn more about Economic Principles here:

https://brainly.com/question/28458482

#SPJ12


Related Questions

.
A territory could become a state when it reached a population of ___.

150,000

60,000

5,000

16,000

6,000

Answers

when the population of a territory reached 60,000 the territory could apply to become a state

Congress has a split personality. On the one hand, it is a lawmaking institution and makes policy for the entire nation. In this capacity, all the members are expected to set aside their personal ambitions and perhaps even the concerns of their constituencies. Yet Congress is also a representative assembly, made up of 535 elected officials who serve as links between their constituents and the National Government. The dual roles of making laws and responding to constituent's demands forces members to balance national concerns against the specific interests of their States or districts.

What is the best summary of this quotation?
A. Representatives and senators should spend most of their time drafting and passing new laws.
B. Members of Congress must balance the interests of their constituencies along with national concerns.
C. The primary purpose of Congress is to serve the interests of the American people.
D. It is impossible for representatives and

Answers

I would say The primary purpose of Congress is to serve the interests of the American people. or B

Members of Congress must balance the interests of their constituencies along with national concerns is the best summary of the quotation. Thus, option (b) is correct.

What is Congress?

The term “Congress” refers to the legislative of the United States' federal government. The president and Congress were to share power. The Supreme Court is the branch's apex body. The Congress governs the American people. The congress is the balance of power between the three branches.

According to the summary of the quotation, are the best justify of the quote such as the personality of the Congress are the split. The member of the Congress are the equilibrium and there is the involvement of their fundamental law of the national concerns.

As a result, the members of Congress must balance the interests of their constituencies along with national concerns is the best summary of the quotation. Therefore, option (b) is correct.

Learn more about on Congress, here:

https://brainly.com/question/4736734

#SPJ5

If you ask a split brain patient what she sees, she is most likely to name
a. what she sees with her left eye.
b. what is in her right visual hemifield.
c. what is in her left visual hemifield.
d. what she sees with her right eye.

Answers

My is c with her left eye it is more clear with her left eye stead of her right eye.

Final answer:

The split-brain patient is most likely to verbally name objects that are in the right visual hemifield because the left hemisphere processes language and receives visual information from the right visual field.

Explanation:

If a split-brain patient is asked what she sees, she is most likely to name what is in her right visual hemifield. This is because in split-brain patients, the two hemispheres of the brain do not share information due to the severed corpus callosum. As a result, when an object is presented to the right visual field, the left hemisphere, which is typically responsible for language processing, receives the visual information and can communicate it verbally. In contrast, if an object is presented to the left visual field, the information goes to the right hemisphere, which is not primarily associated with language, making verbal identification difficult for the patient. Hence, split-brain patients will respond to and are able to name objects in their right visual field because of the language capabilities of the left hemisphere.

What is a government based on the principle that god is king?

Answers

The answer is theocracy

What government actions can lead to the creation of monopolies?

Answers

The granting of elusive patents and trademarks to specific companies, as well as a complete lack of government regulation, led to the creation of monopolies among the industrial tycoons in the latter half of the 19th century.
Final answer:

Government actions can lead to the creation of monopolies through the granting of exclusive rights, imposing regulations that create barriers to entry, and protecting existing monopolies from competition.

Explanation:

Government actions can lead to the creation of monopolies in several ways. One way is through the granting of exclusive rights or licenses to a particular company or industry. For example, if the government only allows one company to provide a certain service, that company becomes a monopoly in that market.

Another way is through regulations that make it difficult for new competitors to enter the market. Government regulations can create barriers to entry, such as high licensing fees, extensive paperwork requirements, or strict quality control standards. These barriers can prevent new companies from competing with existing ones, leading to the consolidation of market power.

Lastly, government actions that protect existing monopolies from competition can also contribute to the creation of monopolies. This can include actions such as imposing tariffs or import quotas to limit competition from foreign companies, or even providing subsidies or bailouts to struggling monopolies, allowing them to maintain their dominance in the market.

Learn more about government actions in creating monopolies here:

https://brainly.com/question/33448093

#SPJ6

How would officials have taken a census of China's population

Answers

It has taken a census of china population by increasement

The refusal of some police officers to report fellow officers' misconduct is called:

Answers

The refusal of some police officers of having to report their fellow officers who has performed misconduct is called the blue wall of silence. The blue wall of silence is also known as blue code in which the police officers has an unwritten rule of having to keep it to themselves or not report their fellow mates with the things that their fellow office mates that they have done in which are crimes, errors and other things that they shouldn’t be doing as a police officer.

Do the animals believe squealer when he accuses snowball of being a traitor

Answers

They trust Snowball is the person who demolished the windmill. This is on account of Napoleon points the finger at him for every one of the things that turn out badly. Napoleon points the finger at Snowball for exploding it. Since Snowball had drawn up the plans, the fault for its disappointment is mostly his.

Harold says that hitting his sister is wrong because he will be punished if he does. harold's reasoning reflects which level of moral development?​

Answers

Harold’s reflects the preconventional level, or the first, of moral development. Where a child knows what is right or wrong. (Not really positive it is true on the last sentence, but the first is correct.)

How could a strong central government help Georgians facing an Indian war?

Answers

The central government could provide forces to help the Georgians in case the Indians attacked any of their settlements.
As a return for this favor, the united states Government promised the indians that they would created treaties with the indian people in creating boundaries that must be respected by the setlers if they do not want to be punished by the Federal government.

Jason had difficulty recognizing that bullfighting was a sport, because it didn't match his ______________ of a sport.

Answers

His definition of sports. It is possible that Jason has been more familiar to the idea of conventional sports like soccer football etc which do not involve animals. So his definition of sports could be different. So he could not have recognised bullfighting.

What term is used by political scientists to refer to a shift in party allegiances of electoral support?

Answers

The term used is called realignment. Realignment occurs when an old coalition within a party is being replaced by a new coalition of members. This change can be sudden or it could take years. Some people have suggested that a realignment cycle averages about 30 years.

Identify the population. choose the correct answer below.
a. adults adults
b. all adults that go to barsall adults that go to bars
c. all adults except those who work at barsall adults except those who work at bars
d. researchers

Answers

lol well i think A because its A

Which is not considered a cultural link between Canada and the United States?

Answers

the answer is relocated companies
relocated is your answer dudde

When esther and harold retired 10 years ago, they moved down to arizona, away from their children. in longino's labeling system, their current move would be called a(an) _______?

Answers

Their current move would be called an "Amenity move".

Amenity move means when someone retires from his or her work and has the leisure time, they migrate away from their kin and people to some place which has an attraction for them, like warm weather or a beautiful lake etc.

Which statement is most accurate about the nature and types of human groups?

A. Primary groups are also dyads.
B. Peer groups help their members define themselves.
C. Secondary groups are informal and loosely organized.
D. Some bureaucracies are primary groups.

Answers

the answer should be B) Peer groups help their members define themselves i am pretty sure
I believe the correct answer is B. Peer groups help their members define themselves.
I used the system of elimination here: A is incorrect because dyads consist of two members, and primary groups are larger than that; C is incorrect because they can be very organized and formal too; D is incorrect because a bureaucracy is a much larger group than a primary group, which is really intimate and small (but has more than two members). 

As a reaction to the FTA signed in 1988, many Canadians _____.

Answers

The U.S-Canada Free Trade Agreement (FTA) of 1989 is an agreement between the United States and Canada to create more business between the two of them more than any other countries  in the world. As a result of the the FTA, many Canadians lose their jobs and move to the urban areas. The Canadian Labor congress  reported that the country lost  over 250, 000 jobs during the first two years of the free trade agreement. Almost 80 percent of Canda's export will go to the United States. HOPE IT HELPS

Answer:

moved to urban areas

Explanation:

Besides gender, the three main factors that affect the timing of puberty are:

Answers

Other main factors that affect the timing of puberty to an individual are the following;

-          Nutrition

-          Genes

-          Stress

These three factors contribute to the puberty of an individual and how he or she develops into the next stage.

Researchers (bond & smith, 1996) conducted a meta-analysis of 133 asch line-judgment studies conducted in 17 countries. they found that conformity was higher in ________ because normative social influence ________. individualistic cultures; conformity prevents conflict collectivistic cultures; promotes harmony agricultural cultures; survival depends on cooperation industrialized cultures; norms are more widely shared

Answers

Final answer:

Conformity is higher in collectivist cultures where normative social influence promotes harmony, as individuals in these cultures prioritize group goals and harmonious relations over their own preferences. This conclusion comes from a meta-analysis of Asch line-judgment studies that also highlighted the role of normative social influence.

Explanation:

Researchers (Bond & Smith, 1996) conducted a meta-analysis of 133 Asch line-judgment studies in 17 countries and found that conformity was higher in collectivist cultures because normative social influence promotes harmony. In these cultures, there is a greater emphasis on the goals of the group over individual preferences, and maintaining harmonious interpersonal relations is highly valued. Information from the line judgment tasks, which were clear and unambiguous, indicates that participants were influenced by a desire to fit in and be accepted by the group, an example of normative social influence, rather than relying on the group for correct information (informational social influence).

An individual is experiencing tremors, as well as, visual and tactile hallucinations. what is the individual most likely experiencing:

Answers

The individual is likely experiencing schizophrenia. This is a mental disorder in which an individual can produce abnormal behavior, socially and that he or she can have unclear thinking and to see things that are solely hallucinations and experience tremors.

The Marquis de Lafayette is best known for his involvement in which event?

Answers

He fought in the American Revolutionary War
he was a french military officer that fought in the American Revolutionary War

An argument that extrapolates specific instances to broad generalizations is known as

Answers

this is known as inductive reasoning.
Often times, inductive reasoning tend to not be backed by proper scientific approach which may caused false perception.
Example of inductive reasoning:
"a man from race B is stealing the purse." (specific) , therefore "all men from race B love stealing purses." )general)

If god has excellent reasons for laying down the moral law, then

Answers

If God has excellent reasons for laying down the moral law, then these reasons, which God laid, and not God’s commands, are what make actions right or wrong.

Shafer-Landau formulated this idea, he is a Professor of Philosophy at the University of North Carolina, Chapel Hill and has penned few books on the topic of Good and Evil and their recognition.
Final answer:

The question deals with the implications of God laying down moral laws and touches upon the Euthyphro Dilemma, which explores whether morality is arbitrary or absolute. It also considers natural law theory, human ability to discern laws of nature, and the problem of evil in relation to God's omnipotence and omnibenevolence.

Explanation:

If God has excellent reasons for laying down the moral law, then there are several implications regarding the nature of morality and God's sovereignty. This question engages with a longstanding philosophical and theological debate known as the Euthyphro Dilemma. The dilemma questions whether something is good simply because God commands it, or whether God commands it because it is inherently good. Philosophical considerations often include the autonomy of ethics and whether morality is arbitrary or absolute, as well as whether moral evil has a place alongside the existence of an all-powerful, all-good God.

One perspective, rooted in theology, suggests that humans cannot truly understand or follow moral laws without divine guidance. This perspective implies that there is a divine moral order established by God, and that evil and suffering may have a purpose consistent with the existence of a benevolent deity. On the other hand, the natural law theory suggests that people can discern moral laws through reason, without necessarily invoking God. This theory has implications for both theists, who see nature's laws as created by a deity, and atheists, who recognize the laws of nature discernible by human reason.

Furthermore, the problem of evil raises difficult questions about God's role in the presence of suffering and injustice in the world. A common argument is that if God is omnipotent and omnibenevolent, the existence of evil seems incompatible, leading to various justifications and theodicies by scholars and theologians throughout history.

What is the first thing to do when making the chocolate cake

Answers

get the ingredients ready

Answer:

B

Explanation:

What is the FIRST thing to do when making the chocolate cake?

A Grease the pan.

B Dissolve the chocolate.

C Beat the butter to a cream.

D Beat the whites of the eggs.

Describe the factors that may have led to the decline of the Maya. Answer:

Answers

The truth is that the scholars do not know what caused the collapse of the Maya civilization!

There are some theories (natural disasters: droughts or epidemic diseases) or foreign invasions but we don't have any definite evidence for any of that! As far as we know, the Mayas just abandoned their ancient cities and never came back to live in them again. 

What is it called when someone invests in a variety of places?

Answers

I believe its called:

Asset allocation(When someone invests in a variety of places to reduce the overall risk of investing)

When might a researcher prefer to use a weighted sampling method??

Answers

This method could be used when there is a smaller percentage of a group answering a survey than there is in the actual population.

At its most basic level, the function of the family is _____

Answers

In the most basic level, the function of the family is reproduction. This is an action in which they are subjected or proceed to having to multiply or make something in which a family when involve with this is a way of having to produce offsprings.

What processes do political parties use to affect public policy?

Answers

For political parties to gain the public attention, and gain power as well, they try to win offices that are based on elections. 
Final answer:

Political parties affect public policy by campaigning for their candidates, recruiting suitable candidates, mobilizing voters, and creating party platforms that guide policy implementation. They collaborate with interest groups to push for shared objectives. Local and state-level party organizations play crucial roles in the political process.

Explanation:

Political parties affect public policy in numerous ways. They campaign for their candidates with the goal of winning elections, drafting party platforms that guide members of congress when implementing policies. Parties also perform important tasks such as candidate recruitment, raising funds for campaigns, and mobilizing voters.

Political parties are essentially groups of people with similar interests who cooperate to create and implement policies. They identify issues significant to voters, creating their party platforms to present their positions on these issues and win voter support during elections. Once they control the government, they can deliver the policy preferences of their partisans.

Parties also work with interest groups that share common objectives. For instance, in the United States, the Republican Party maintains connections with conservative Christian groups to recruit and organize voters. Local and state-level party organizations are the backbone of the political process, taking on critical roles in party activities and electoral processes.

Learn more about Political Parties and Public Policy here:

https://brainly.com/question/29551917

#SPJ2

The two major parties prefer a ______ ballot because it encourages straight-ticket voting.

Answers

party-column ballot because it encourages straight-ticket voting
Other Questions
How many electrons does each oxygen atom gain during the course of this reaction? Express the given terminating decimal as a quotient of integers. if possible, reduce to lowest terms. 0.66 Explain the significance of timberline , chinook, fishery, 'overfishing, aquaculture , and tar sands Que tipo de transporte pblico hay donde t vives? La persona que escribe la carta es ____. un chico joven un seor mayor una abuelita Which investment type typically carries the least riskA- individual stocksB- treasury bonds C- savings account D- mutual funds Identify the use of the introductory comma in the sentence.Well, it's about time you got here.adverb clauseinterjectionparticipial phrase Belmond, a brick-cutter in a kiln, cuts 84 bricks in 3 hours. Find the unit rate. Please Help!! Nadeen is at an arcade. She started out with 18 tokens, and each game costs 3 tokens to play. Suppose x is the number of games Nadeen has already played. What was the collective name for the four ancient sporting tournaments in Greece?Olympic GamesPanhellenic GamesNemean GamesIsthmus Games In 1864, Edwin Miner Gallaudet establishes whinch of the Following?A.) the first school for Deaf childrenB.) the first college for Deaf studentsC.)the first church for Deaf peopleD.)the first program for teaching Deaf people to speak ]Which statements correctly describe laws? Check all that apply.Laws are created based on repeated experimentation. :Laws are based on observations. :Laws explain observations. :Laws are factual statements. :Laws can be changed or replaced. How many bits are required to address a 1mx8 main memory if main memory is byte addressable? Keri uses the digits 7,5,4 and 8. Help Kerri write down all possible A. 4 digit odd numbers B. 4 digit even numbers. Use digit only once in each number. Find the slope of the line whose equation is 4y - 3x + 6 = 0. which of the following is a technique russell baker uses to potray his motherA. he works many of her sayings into his memoirB. he describes her appearance in detailC he narrates how his farther courted herD he tells readers openly of his affection for her This illustration is trying to demonstrate something that mitosis is not. In mitosis, the cells that are created are: ? find the perimeter of the semi-circular region at leat one please Please help!If it's right I'll give you extra points for it. Which of the following was not a response of the colonies to the Tea Act?A. Tea ships were sent back to Britain in protest.B. The tea was confiscated and sold later.C. Crates of tea were dumped into the water.D. Colonists made a profit because of the monopoly by Britain. Steam Workshop Downloader