Producers on the best combinations of resources to use
How did producers decide on the best combinations of resources to use? Who made these resources available, and why?
Expert
The quest for profit led firms to produce these goods. Producers looked for and found the least-cost combination of resources in producing their output. Resource suppliers, seeking income, made these resources available. Consumers, through their dollar votes, ultimately decide on what will continue to be produced.
Give a brief introduction of the term Timing Principle?
After the Spanish found the new world, they promptly began to plunder this. They imported huge amount of gold and silver to Spain. It inflow of bullion caused a rapid increase in inflation, that would have grave consequences for Spain. It is quick inflation made this
Question: 1. Nancy is taking a course in Fairy Tales from Professor Grimm and another in Philosophy from Professor Par. In each course there will be two exams, a midterm exam and a final exam. In Professor Grimm's
The major implication of Adam Smith’s conception of an “invisible hand” was such that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most
Contrast how a market system and a command economy try to cope with economic scarcity?
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’
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
Illustrate the advantage of corporate form of organization?
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
What do you mean by spillover. Write short note on it?
18,76,764
1921783 Asked
3,689
Active Tutors
1459725
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!