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.
What happens in the product markets?
How does society decide its optimal point on the production possibilities curve?
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)
Illustrate the 4th role is the reallocation of resources?
Explain determining the types of the various products that will be produced?
Elucidate: Competition and the “Invisible Hand”?
Why do governments enact trade barriers?
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
Question: If a government pegs the value of its currency to another currency, the government must stand ready to i. _________________________ the "hard" currency to defend the pegged value of its own currency. ii.
I am facing difficulty in this question. Help me in find out correct answer of this economy based question. From heterodox perspective, why do business enterprises choose administered prices as opposed to highly flexible prices?
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