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 ).
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
What are the major provisions of GATT
Define Direct and inverse relationships?
1. The owner of a firm calculates that next year's profit will be $1,000. Each successive year profit will increase by 10% (i.e. year 2: $1100; year 3: $1210 and so on.) At the end of the 5th year the firm could be sold for $20,000. A) if the appropriate di
Elucidate facilitating factors that explain the growth of trade?
Explain increased global competition?
Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
Elucidate how Personal income tax is a major source?
identify the reasons for the formation of organizations
Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo
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