Illustrate 2nd function to promote and maintain competition
Illustrate the 2nd function to promote and maintain competition?
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A second function is to promote and maintain competition. Government does this through antitrust laws to make anti-competitive behavior illegal, and by regulating monopoly power in the case of “natural monopolies,” where competition is not efficient, as is the case with many public utilities.
Describe the term: “Only to be part with it we want money”?
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
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.”
An employer that exaggerates the safety of a position or the prospects for advancement to job applicants makes inefficiencies as well as arguable inequities due to: (1) signaling. (2) credentialism. (3) screening. (4) adverse selection. (5) a moral hazard.
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource
Elucidate: Competition and the “Invisible Hand”?
Who will get the goods and services?
Write short note Economics?
Elucidate facilitating factors that explain the growth of trade?
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