Resource payments correspond to resource categories
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
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a. Rent as well as interest to providers of property resources
b. Wages as well as salaries to labour resources,
c. Profits to entrepreneurs.
Explain the markets and prices of the Market System?
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Can you explain how different government policies with respect to the recycling of aluminum and paper might account for these different market outcomes?
When government intervention is not present, than arbitrage: (w) will reduce price differences when similar good sells at various prices within separate markets. (x) results into economic losses for traders. (y) causes high economic profits for mercha
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Illustrate Rational Behaviour of Economic Perspective?
Define the term Abstractions in economics?
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