Describe two kinds of efficiency Full production imply
Describe two kinds of efficiency Full production imply?
Expert
1. Locative efficiency means that resources are used for producing the combination of goods and services most wanted by society.
Eg: instead of long-playing records producing compact discs with productive resources or computers with word processors rather than manual typewriters.
2. Productive efficiency means that least costly production techniques are used to produce wanted goods and services.
Explain the markets and prices of the Market System?
Illustrate the Public Sector Government’s Role of providing the legal structure?
Illustrate “freedom is to some extent illusory”?
Which of the given describes a condition in which a good or service is produced at the lowest probable cost: w) productive efficiency. x) allocative efficiency. y) marginal efficiency. z) profit maximization Please
Growth is a significant economic goal. Explain?
ECONOMICS Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the ex
Illustrate the characteristics of the Market System?
Economics as a science:We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, econo
Write down the internal factors which influencing the capital structure?
Give a brief introduction of the term Cost Principle ?
18,76,764
1946188 Asked
3,689
Active Tutors
1430548
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!