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.
Which of the given is not a characteristic of a perfectly competitive market structure: w) there are a very huge number of firms which are small compared to the market. x) All firms sell the same products. y) There are no restrictions to entry through
Describe Quasi-public goods?
Briefly state the pros and cons of Corporation?
1. We have discussed the importance of resource endowments and institutions for an economy's successful development. a. In this game, what are the resources that make up the endowments, and what defines a given player's endowment o
Opportunity costs, which are the values of the: (i) monetary costs of goods and services. (ii) best alternatives sacrificed while choices are made. (iii) minimal budgets of families upon welfare. (iv) hidden charges passed upon to consumers. (v) exorb
Describe the Functional distribution of income?
Entrepreneurs: (w) undertake risky forms of production to gain uncertain profits. (x) obtain interest payments for their services. (y) are usually overcompensated for their innovations. (z) receive virtually all their wealth by inheritance.
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
Can you explain how different government policies with respect to the recycling of aluminum and paper might account for these different market outcomes?
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
18,76,764
1954764 Asked
3,689
Active Tutors
1436428
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!