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 other than price many factors determine the outcome?
Economic efficiency for society needs which the: (i) opportunity costs of all goods be at their lowest possible values. (ii) maximum probable benefits are acquired for given costs. (iii) greatest possible net benefits are squeezed through available re
Explain determining the types of the various products that will be produced?
What are the scientific method that Economists use to establish theories, laws, and principles?
The dataset used in this question contains data on 180 economics journals for the year 2000. The variable descriptions are as follows: logoclc - log of the number of library subscription loglibcit - log of the library subscription price per citation.
Briefly describe Net income approach? Named who recommended this theory?
Elucidate reallocation of Government resources?
Describe the Functional distribution of income?
How will the system accommodate change?
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
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