Management Economics0U Nit 1 - 685 Words

1. Lesson 1 a. From Lesson 1 how many different definitions of economics can you find? Explain briefly how they are related to one another. [definitions, not descriptions]. 1-Economics is the study of allocation of scarce means to alternative uses. 2- We want to understand the typical person, not the exceptions ir unique people. 3- Economics is not dismal, its about understanding about what is going on. It is an art an a science at the same time. Economic is not an exact science, that is why some doubt is a science. 4- The study of men in the ordinary life. Study people in all aspects of their life. 5- The study of individual choice and its understanding. Choice involves scarcity we have to choose. b. Why are†¦show more content†¦Causes of deadweight loss can include monopoly pricing (in the case of artificial scarcity), externalities, taxes or subsidies, and binding price ceilings or floors (including minimum wages). The term deadweight loss may also be referred to as the excess burden of monopoly or