What are economic resources
What are economic resources? What are the major functions of the entrepreneur?
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Economic resources are of four main types: labor, land (natural resources), real capital (machines, factories, buildings, etc.,) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process. Economic resources are essential to create the outputs desired by society as these names imply. Since certain outputs are desired, they command a price and so, therefore, do economic resources. This can lead to some things being economic resources in some circumstances but not in others. Water in the middle of a lake, for example, is not an economic resource: Anyone can have it free. But the same water piped to a factory site is no longer free: Its movement must be paid for by taxes or by a specific charge. It is now an economic resource because the factory owner would not pay for its delivery unless the water was to be used in the factory’s production.
Illustrate the changes in Demand, Supply and Equilibrium?
Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.
Explain producers in an industry are receiving pure or economic profits?
“In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” Among these 2 statements used correctly which in the terms “supply&rdq
Speculators decrease price volatility through, in effect, changing demand curves: (w) out at low prices, and shifting supply curves out at high prices. (x) out at low prices, and shifting supply curves within at low p
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
Why do governments enact trade barriers?
How can we evaluate cost of capital?
Economists who viewed economics like a subset of jurisprudence combined: (1) John Stuart Mill. (2) Alfred Marshall. (3) Karl Marx. (4) William Stanley Jevons. (5) Adam Smith. Hey friends please give your opinion fo
Illustrate Economics for citizenship?
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