What are the limitations of Circular Flow Model
What are the limitations of Circular Flow Model?
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1. Does not depict transactions between households and between businesses.
2. Ignores government and the “rest of the world” in the decision-making process.
3. Does not explain how prices of products and resources are actually determined.
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
Illustrate Qualification in International Trade?
Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close
Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource
How will the system accommodate change?
Nature and Scope of Economics: Introduction Economics is a social science that
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
This wages vary within inverse proportion to the agreeableness and constancy of the employment was a perception first explicitly stated through: (i) Adam Smith. (ii) Karl Marx. (iii) Thomas Malthus. (iv) John Stuart Mill. (v) David Ricardo.
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 : Organization identify the reasons for identify the reasons for the formation of organizations
identify the reasons for the formation of organizations
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