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.
Why businesses are not really “free” to produce what they wish?
Lets assume an infinitely repeated prisoner’s dilemma game by two players. The resulting payoffs at each phase by the actions of two players are illustrated below in the table (payoffs are symbolized like (payoff for player 1, payoff for player 2)). Two players
Describe what do you mean by European Union (EU)?
Assume that melons sell for $5 in Brazil when moose pelts sell for $10, still into Canada melons sell for $10 as well as moose pelts sell for $5. A person who buys moose pelts within Canada to sell into Brazil would be doing: (1) speculation. (2) the “invisible
Give a brief introduction of the term Cost Principle ?
Define Dependent and independent variables?
Explain: “Exchange is the necessary consequence of specialization.”
Describe the term: “Only to be part with it we want money”?
What explains why millions of economic resources tend to get arranged logically and productively rather than haphazard and unproductively?
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Discover Q & A Leading Solution Library Avail More Than 1440291 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1938897 Asked 3,689 Active Tutors 1440291 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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