Describe two kinds of efficiency Full production imply
Describe two kinds of efficiency Full production imply?
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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.
Illustrate the 2nd function to promote and maintain competition?
Illustrate the changes in Demand, Supply and Equilibrium?
Describe briefly high financial leverage, low operating leverage?
Illustrate Freedom of enterprise and choice exist?
The initial “professional” university professors who taught economic concepts like academic subjects, those were: (1) cosmologists. (2) moral philosophers. (3) socio-biologists. (4) natural historians (5) logicians. (6) mathematicians. (7)
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
I have a problem in economics on Circular flow model of the private sector. Please help me in the following question. The simple circular flow model of private sector doesn’t comprise: (i) Firms. (ii) Product markets. (iii) Government agencies.
Just need help to see if I am in the right direction if there any think wrong need help with it.
Explain increased global competition?
Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.
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