Explain the definition of Economics
Explain the definition of Economics?
Expert
a. The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants.
b. Human wants are unlimited, but the means to satisfy the wants are limited.
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
Illustrates how hard it is to define what is “American made” in today’s global economy?
The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil
Illustrate the characteristics of the Market System?
What explains why millions of economic resources tend to get arranged logically and productively rather than haphazard and unproductively?
“In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” Among these 2 statements used correctly which in the terms “supply&rdq
Briefly describe High operating leverage?
Use the circular flow model to confirm this assertion for an expansion of preschool programs for disadvantaged children?
Why entertainment tax comes in indirect tax? Answer: Since its burden can be shifted to others.
Drinking at a public water fountain is: (w) a public good because anyone may drink from it. (x) results in a negative externality because others can’t drink from this at similar time. (y) a positive externality because you are benefiting by other’s provisi
18,76,764
1949033 Asked
3,689
Active Tutors
1421409
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!