Goods and services are scarce because resources are scarce
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
Expert
Goods and services are the product of resources. If resources were abundant without limit, then we would not have a scarcity of the products they produce.
Economic problems are problems of relative scarcity—wants exceed resources in the relative sense. We cannot absolutely solve all of our economic problems; i.e. gratify all of everyone’s wants and needs. If all our wants were absolutely fulfilled, anything would not have a price—why pay for anything if you’ve got everything already? And if there were no unfulfilled wants there would be no economic resources—why pay for an input when you’ve got all the outputs you could ever need? The fact which totally free services and goods do not exist provides support for the notion that total fulfillment of our wants is impossible.
Briefly describe the meaning of Modigliani- Miller (M and M) approach?
Write short note on Markets?
Illustrate the advantage and disadvantage of Corporations?
Explain in short the functions of money? Answer: (A) Medium of exchange: Money can be employed to make payments for all transactions of services and goods.
What are the benefits and costs of Marginalism?
Adam Smith would have agreed mostly along with the concept which wages are: (i) positively associated to physical comfort when working. (ii) negatively related to the cost of learning the business. (iii) positively associated to the s
Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.
What are the limitations of Circular Flow Model?
Question: For a freely floating currency, currency i.____________________ occurs when the market value of a country's currency rises relative to the value of another country's currency, while currency ii.__________
Which of the given is not true for a firm within perfect competition: w) Profit equivalents total revenue minus total cost. x) Price equivalents average revenue. y) Average revenue is greater than marginal revenue. z) Marginal revenue equivalents the
18,76,764
1945558 Asked
3,689
Active Tutors
1459525
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!