Illustrate Freedom of enterprise and choice exist
Illustrate Freedom of enterprise and choice exist?
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1. Freedom of enterprise means that entrepreneurs and businesses have the freedom to obtain and use possessions to create products of their own choice, and to sell these products in the markets of their choice.
2. Freedom of choice means:
a. Owners of property and money resources can use resources as they choose.
b. Workers can choose the occupations, guidance as well as job of their choice.
c. Consumers are free to spend their income in such a way as to best satisfy their wants (consumer sovereignty).
What are the merits of speciality in the use of human and material resources?
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
numbers of sellers in pure competition?
Explain of the law of demand?
Elucidate Reliance on technology and capital goods of the market system?
When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p
Definition of “Full Employment”?
As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested
Which of the following are examples of public goods?
Illustrate a fundamental characteristic of demand behavior?
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