What will be produced in all economic systems
What will be produced in all economic systems?
Expert
In order to be profitable, businesses must respond to consumers’ (individuals, other businesses, and the government) wants and desires. When businesses allocate resources in a way that is responsive, businesses will be profitable and allocative efficiency will be achieved. Accounting profits are total revenue minus total accounting costs. In economics, the return to the entrepreneur is treated just like the return to the worker, i.e., it is an economic cost and must be received if the entrepreneur is going to continue to produce in that industry. Normal profits are the return to the entrepreneur that is necessary for him/her to continue to produce that product. Any revenue received beyond normal profits is pure or economic profit.
Briefly state the pros and cons of Corporation?
Describe briefly high financial leverage, low operating leverage?
Definition of “Full Employment”?
Why possession protection of property rights and private property promotes the market system?
Illustrate the several determinants of demand besides price which affect demand?
Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill
Briefly state the pros and cons of Partnership?
After agonizing regarding whether to buy a hot dog or a hamburger along with his last dollar while he goes to the fair, Jeeter at last chooses the hot dog. The hamburger shows Jeeter's: (i) normative choice, because it would be more nutritious. (ii) opportunity cost o
The market system responses the “for whom?” query with: (i) distributing goods on the basis of require. (ii) using central planning to coordinate production decisions. (iii) catering to consumers with adequate resources to demand goods. (i
Distinguish between Individual as well a market demand?
18,76,764
1952986 Asked
3,689
Active Tutors
1427577
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!