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.
Why entertainment tax comes in indirect tax? Answer: Since its burden can be shifted to others.
Adam Smith wrote his Wealth of Nations within part like a refutation of the doctrines: (1) classical liberalism. (2) utilitarianism. (3) mercantilism. (4) physiocracy. (5) laissez faire capitalism.
Illustrate the several determinants of demand besides price which affect demand?
Explain the foundation of economics where society’s material wants are unlimited?
Write down the theories of capital structure?
What are the determinants of supply?
Write down the steps carried out for proper control on capital budgeting process?
Define the term Market Economy and also state its advantages and disadvantages?
Elucidate the various trade which enacted by governments?
What do you mean by spillover. Write short note on it?
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