What are economic resources
What are economic resources? What are the major functions of the entrepreneur?
Expert
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.
Elucidate the Local expenditures and receipts for all local governmental units in 1996?
Illustrate the 4th role is the reallocation of resources?
Illustrates how hard it is to define what is “American made” in today’s global economy?
Give a brief introduction of the term Cost of retained earnings?
The state legislature has voted to develop a grant-in-aid policy to try and induce local communities to devote more resources to improving their infrastructure. Town O = Has an operating budget of $2 million; currently spends a tot
Adam Smith and most of the typical economists who followed instantly in his footsteps: (i) viewed monopoly as no big problem. (ii) encouraged monopolies due to their research and development abilities. (iii) thought monopoly power was a communist plot
What happens to the demand curve when each of these determinants changes?
The cornerstone of typical economic theory derived through the work of Jeremy Bentham was the perception of (i) the wages fund. (ii) natural checks on population. (iii) increasing cost. (iv) utility. (v) surplus value. Q : What do you mean by Graphs What do you What do you mean by Graphs?
What do you mean by Graphs?
Managerial Economics Meaning and definition Managerial economics general refer to the integration of economy th
18,76,764
1955170 Asked
3,689
Active Tutors
1419721
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!