Illustrate Scarcity and choice of Economic Perspective
Illustrate Scarcity and choice of Economic Perspective?
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1. Resources can only be used for one purpose at a time.
2. Scarcity requires that choices be made.
3. The cost of any good, service, or activity is the value of what must be given up to obtain it. ( opportunity cost ).
Elucidate types of unemployment?
Transaction costs to ultimate consumers are reduced if: (w) consumers travel long distances to buy directly from manufacturers quite than buying the goods at local retail stores. (x) intermediaries generate income while conveying goods from manufactur
What are the facts of inflation?
Economists who viewed economics like a subset of jurisprudence combined: (1) John Stuart Mill. (2) Alfred Marshall. (3) Karl Marx. (4) William Stanley Jevons. (5) Adam Smith. Hey friends please give your opinion fo
Evaluate and explain the statements: “In the economic sense production methods are the most efficient methods, once resource prices are considered and are lesser in sense of engineering”.
The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’
Writ short note on the Income of personal distribution?
Elucidate an example of simultaneous changes in both supply and demand?
Why businesses are not really “free” to produce what they wish?
Explain determining the types of the various products that will be produced?
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