Illustrate how Microeconomics looks at specific economic
Illustrate how Microeconomics looks at specific economic units?
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1. It is concerned with the individual industry, firm or household and the price of specific products and resources.
2. It is an examination of trees, and not the forest.
The study of economics is MOST frequently divided within: (1) positive economics and negative economics. (2) macroeconomics and microeconomics. (3) subjective economics and objective economics. (4) supply side and demand side economics. (5) conservative economics and
Illustrate Professional and personal applications?
Write down the different types of leverages which are computed for financial analysis?
What is the basic principle of comparative advantage?
What are the Causes and theories of inflation?
Explain producers in an industry are receiving pure or economic profits?
Define the term Abstractions in economics?
What is the difference between qualitative data and quantitative data, provide an example of each.
Write down the drawbacks of capital budgeting?
Briefly explain how the competitive market economy will make the needed adjustments to reestablish an efficient allocation of society’s scarce resources?
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