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.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
Distinguish clearly between a plant, a firm, and an industry?
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According to the advocates of free trade and World Trade Organization, each and every country potentially advantages from trade liberalization and the lowering of tariffs since each and every country: (1) Has a comparative benefit in something. (2) Ga
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In output markets, the simple circular flow model, households replace their _________ for _________. Can someone help me in determining the right answer from the given options. (1) Resources | income. (2) Labor | g
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What are the facts of inflation?
Explain the volume and pattern of U.S. and World Trade?
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