What is economics and what does it try to explain? What will ...

[daltonest1984]

What is economics and what does it try to explain?
 
  What will be an ideal response?

Question 2

Which of the following will cause, other things being equal, a movement along the supply curve for LED televisions?
 
  A) an improvement in the technology of producing LED televisions
  B) an increase in resource costs for producing LED televisions
  C) a reduction in the price of LED televisions
  D) an expectation that the price of LED televisions will be lower in the future

[catron30]

Answer to Question 1

Economics is the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. Therefore, it is the study of how people make choices. Economics tries to explain real-world behavior, especially as it relates to interactions of people confronting limited resources.

Answer to Question 2

C

[daltonest1984]

YES! Correct, THANKS for helping me on my review

[aliotak]

Great answer, keep it coming