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.
What do you mean by spillover. Write short note on it?
Describe World Trade Organization (WTO)?
Can someone help me in finding out the right answer from the given options. The Taft Hartley Act of 1946 made it illegal to encompass a: (1) Right-to-work law passed by the state legislature. (2) Conviction for the misdemeanor and serve as union officer. (3) Union for the agricultural migrants or go
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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 : Production possibilities curve is a How a production possibilities curve is a graphical representation of choices?
How a production possibilities curve is a graphical representation of choices?
Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should
Suppositions underpinning simple production possibilities frontier models don’t comprise a need that: (i) Net resources are fixed. (ii) All resources are efficiently employed. (iii) Technology is steady. (iv) Resource owners are paid according t
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