What will be produced in all economic systems
What will be produced in all economic systems?
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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.
Define Dependent and independent variables?
A laissez-faire government is restricted to finding: (1) property rights within a simple fashion and to enforcing private contracts. (2) market prices which guarantee equitable resource allocations. (c) how resources will be allocated efficiently. (4)
Contrast how a market system and a command economy try to cope with economic scarcity?
Describe the merits of “roundabout” production? Describe the term “division of labor”?
What divergences arise between equilibrium and an efficient output spillover benefits are present? How might government correct this divergence?
In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : The demand curve when each of these What happens to the demand curve when each of these determinants changes?
What happens to the demand curve when each of these determinants changes?
Question: Was the stimulus package passed in 2009 as success? In answering this question the focus should be the articles on the syllabus, but you should also include opinions of other commentators. Your answer should also describe w
Describe GDP gap and Okun’s Law?
Explain in short the functions of money? Answer: (A) Medium of exchange: Money can be employed to make payments for all transactions of services and goods.
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