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.
numbers of sellers in pure competition?
Illustrate the supply curve and also determinants of supply?
Question Can you describe what the production function for the game looks like? (How are labour, capital and resources combined? Are there constant, increasing or decreasing returns to scale?) Answer Q : Increase in the American dollar price “An increase in the American dollar price of the South Korean won implies that the South Korean won has depreciated in value.” Explain.
“An increase in the American dollar price of the South Korean won implies that the South Korean won has depreciated in value.” Explain.
Illustrate the Risks involved with bonds?
Briefly explain the term Price Earnings Ratio (or P/E Ratio)?
Explain Unemployment, Growth, and the Future?
Why are democratic regimes more conducive to economic growth than dictatorship
Not between concepts explained in Adam Smith’s Wealth of Nations was the conception which net benefits occur from: (1) specialization and trade according to comparative advantage. (2) the division of labor in production processes. (3) reliance o
The “invisible hand” of the marketplace is a word referring to consider as: (w) government policies to set market prices at equilibrium levels. (x) speculative manipulations which create disequilibrium. (y) automatic adjus
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