Write short note Economics
Write short note Economics?
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Economics is the social science concerned with the problem of using scarce resources to attain the greatest fulfillment of society’s unlimited wants. Economics is a science of efficiency in the use of scarce resources. Efficiency requires full employment of available resources and full production.
1. Full employment means all available resources should be employed.
2. Full production means that employed resources are providing maximum satisfaction of our economic wants. If this is not so underemployment arises.
The major implication of Adam Smith’s conception of an “invisible hand” was such that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most
How did producers decide on the best combinations of resources to use? Who made these resources available, and why?
Explain the statements: The market system provides such a variety of desired goods and services precisely.
Give a brief introduction of the term Cost of capital?
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
What are the merits of speciality in the use of human and material resources?
Enumerate and briefly discuss the main economic functions of government. Which of these functions do you think is the most controversial? Why?
The utilitarianism of Jeremy Bentham is generally closely akin to the philosophies of: (1) Epicurianism and hedonism. (2) pragmatism and instrumentalism. (3) asceticism and stoicism. (4) dialecticism and materialism. (5) fundamentalism and predestinat
Illustrates how hard it is to define what is “American made” in today’s global economy?
Describe the Euro?
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