Elucidate Reliance on technology and capital goods
Elucidate Reliance on technology and capital goods of the market system?
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1. Competition, freedom of choice, self-interest, and the potential of profits provide the incentive for capital accumulation (investment).
2. Advanced technology and capital goods uses the more efficient roundabout method of technology.
Critically evaluate: “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”
Explain the statement: “Generalization and abstraction are nearly synonymous.”?
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What is the basic principle of comparative advantage?
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