Possession protection of property rights
Why possession protection of property rights and private property promotes the market system?
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The possession of protection of property rights and private property promotes innovation, investment, consequently economic growth also. Property rights promote the maintaining of the property and they facilitate the exchange of the property.
Illustrate the several determinants of demand besides price which affect demand?
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
Distinguish between a change in demand and a change in the quantity demanded?
Why Public or social goods not be produced through the market?
What do you mean by inflation
Distinguish clearly between a plant, a firm, and an industry?
Illustrates how hard it is to define what is “American made” in today’s global economy?
Provide some sources of not tax revenue? Answer: Escheat, income from public enterprises, special assessment, fees and fines and so on.
Economic efficiency needs that, relative to the other goods which different individuals might consume, the people who value exact goods relatively the most should own and/or use all goods. Such principle is termed as: (i) economic equity. (ii) allocat
Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource
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