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.
Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
Micro economics and macro economics:Economic theory can be widely divided into micro and macroeconomics. The word micro means small and macro means big.In microeconomics, we deal
Even people who are extremely good at everything couldn’t encompass: (i) absolute benefits in approximately everything. (ii) Much higher incomes than average. (iii) Comparative benefits in everything. (iv) Superior natural endowments of talent. Q : Define Benefit Cost Ratio or Briefly describe the term Benefit Cost Ratio (or B/C Ratio) or Profitability Index (or PI)?
Briefly describe the term Benefit Cost Ratio (or B/C Ratio) or Profitability Index (or PI)?
Illustrate the advantage of corporate form of organization?
Describe the Personal distribution of income?
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Give a brief introduction of the term Risk Principle?
Explain how the Circular Flow Model for a Market-Oriented System?
Just need help to see if I am in the right direction if there any think wrong need help with it.
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