If resources were unlimited and freely available
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
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If resources were unlimited and freely available, making choices would not be necessary. Every person could have as much as they wanted of any good or service. Science of choice should be unnecessary in Economics.
Questions: 1: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice. Q : Describe the term Cost of debt Briefly Briefly describe the term Cost of debt?
Briefly describe the term Cost of debt?
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When turkey is $1 per pound and the relative price of ham to turkey is 2, in that case a pound of ham costs: (i) 50 cents. (ii) 1/2 pound of turkey. (iii) 2 pounds of turkey. (v) 12 pesetas. (iv) 5 euros. How can I
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Elucidate the use of money as a medium of exchange in Market System?
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