Explain the behavior of the workers
Use the economic perspective to explain the behavior of the workers? Why do they work so diligently?
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Workers at the fast-food restaurant are also engaging in rational behaviour attempting to achieve maximum fulfillment of their goals. Every worker is considered the opportunity cost of being in the restaurant rather than participating in the activity that is perceived as the next best alternative (say, cruising around in their cars).
The diligence observed is a function of their desire to maintain employment and the marginal benefit they receive from another day’s pay. Most among them quit their jobs after high school graduation because they receive more highly valued offers for the use of their time.
Describe unequal burdens of unemployment exist?
Write down the drawbacks of capital budgeting?
By the perspective of nowadays academic standards, Adam Smith must have more evidently acknowledged that several the analyses and insights for that he took credit within his Wealth of Nations had really been gleaned from the writings
Provide some sources of not tax revenue? Answer: Escheat, income from public enterprises, special assessment, fees and fines and so on.
Studies indicate that married men on average earn more income than unmarried men of the same age?
Adam Smith must have emphasized more strongly how his Wealth of Nations drew concepts and inspiration by Richard Cantillon’s Essai. Now today’s perspective that the Wealth of Nations would considered even
Why is it significant that economics is not a laboratory science? What problems may be evolved in deriving and applying economic principles?
A laissez-faire government is restricted to finding: (1) property rights within a simple fashion and to enforcing private contracts. (2) market prices which guarantee equitable resource allocations. (c) how resources will be allocated efficiently. (4)
According to Adam Smith nation's wealth is, not the gold this possesses, but somewhat it’s: (1) number of people. (2) capability to give goods for its people. (3) foreign investments. (4) domestic financial capital. (5) militar
Explain the cause of Trade barriers?
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