How will the goods and services be produced
How will the goods and services be produced?
Expert
1. The market system encourages and rewards those producers who are achieving productive efficiency, i.e., least-cost production.
2. Least-cost production techniques include: locating firms in the optimum location considering resource prices, resource productivity, and transportation costs, available technology, and resource prices in general.
3. Most efficient technique will be the one that produces a given amount of output with the smallest input of scarce resources when both inputs and outputs are measured in dollars and cents.
Illustrate the term Positive and Normative Economics?
Illustrate the advantage and disadvantage of Corporations?
Suppose studies show that students who study more hours receive higher grades. Is there any relationship which guarantees that any particular student who studies longer will get higher grades?
Elucidate how to maintain competition?
Why is it significant that economics is not a laboratory science? What problems may be evolved in deriving and applying economic principles?
Elucidate “Ticket Scalping: A Bum Rap”?
Explain and give an illustration of (a) the fallacy of composition; and (b) the “after this, therefore because of this” fallacy. Why are cause-and-effect relationships difficult to isolate in the social sciences?
What problem does barter entail?
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
Explain how women expanded production possibilities?
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