Other things equal assumption helps isolate key economic
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
Expert
Natural scientists such as chemists or physicists can much more easily control experiments and test with great precision an assumed relationship between two variables. Economists have a much more difficult time trying to isolate key economic relationships. Nonetheless, the “other things equal assumption” is extremely important. Economists must test their theories using real world data, generated by the actual operation of the economy. Under these conditions “other things” do change and despite sophisticated statistical techniques, controls are less than perfect. As a result economics principles are less precise than those of laboratory sciences.
How will the goods and services be produced?
Briefly explain the term leverages?
How to construct a 2-D graph which comprises drawing a horizontal and a vertical axis?
Illustrate the 6 basic supply determinants of other than price?
Illustrate the advantage of corporate form of organization?
Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should
Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.
Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill
Give a brief introduction of the term Financial Leverage?
Studies indicate that married men on average earn more income than unmarried men of the same age?
18,76,764
1927254 Asked
3,689
Active Tutors
1441871
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!