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.
‘Mama’ Jean consists of one employee bake crumbly, graham cracker crusts at Mama’s Home-Pies, whereas the other stirs gooey, hot, apple filling. Her staff is organized in accord with a/an: (1) Task management system. (2) Division of labor. (3) Compar
How will the system accommodate change?
Difference between normal goods and inferior goods. Give illustration.
Write down the steps carried out for proper control on capital budgeting process?
Illustrate the 2nd function to promote and maintain competition?
simultaneous method in demand forecasting?
The activities of speculators tend to, in the long run: (w) decrease the volatility of prices. (x) attract legal attention resulting in imprisonment. (y) increase the level and volatility of prices. (z) yield tremendous profits and raise costs to cons
Elucidate the use of money as a medium of exchange in Market System?
The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore: (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have
Elucidate: Competition and the “Invisible Hand”?
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