Explain the definition of Economics
Explain the definition of Economics?
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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.
Define the term Weak-form market efficiency. Explain briefly.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
What was rightward shift of PPC point out? Answer: It points out growth of the resources.
Illustrate “freedom is to some extent illusory”?
How do you account for the dominant role of corporations in the U.S. economy?
Why possession protection of property rights and private property promotes the market system?
Describe the duty of bondholders in a bond?
What is the most important source of revenue and the major type of expenditure at the local level?
How to construct a 2-D graph which comprises drawing a horizontal and a vertical axis?
How do households dispose of their income?
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