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.
Illustrate Measuring unemployment?
Relative to most of the other countries, the United States encompasses historically relied more greatly on: (1) Public resource ownership and private income distribution. (2) Decentralized decision making and private resource ownership. (3) Exports of textiles, automo
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
What are the merits of speciality in the use of human and material resources?
Distinguish between a change in demand and a change in the quantity demanded?
Elucidate the Local expenditures and receipts for all local governmental units in 1996?
What are the main sources of growth?
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
Elucidate various national currencies of foreign exchange market?
Illustrate a fundamental characteristic of demand behavior?
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