Elucidate redistribution of income
Elucidate redistribution of income?
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1. Transfer payments provide relief to the poor, dependent, handicapped, and unemployment compensation to those unemployed who qualify for benefits. Social Security and Medicare programs support the sick and aged.
2. Government intervenes in markets by modifying prices. Price support programs for farmers; minimum wage laws are examples.
3. Taxation takes a larger proportion of incomes of the rich than the poor.
Explain the foundation of economics where society’s material wants are scarce resources?
What will be produced in all economic systems?
Illustrate the changes in Demand, Supply and Equilibrium?
What are the determinants of supply?
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
Describe the equation of a linear relationship?
Explain the statement: “Good economic policy requires good economic theory.”?
Illustrate the characteristics of the Market System?
Explain the Trade pattern of U.S. and World Trade?
What is the scientific method and how does it relate to theoretical economics? What is the difference between a hypothesis and an economic law or principle?
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