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explain the purposes economists disagree and using models of economicsusing models of economicsa positive economicsb normative economicsa forecast is
explain about the circular-flow of economic activitiescircular-flow of economic activitieseconomic agents a householdsb firmswhere they
what is the difference between comparative advantage and absolute advantagedifference between comparative advantage and absolute advantagecomparative
explain about a model and use of it in economicsa model is a simplified demonstration of a real situation which is used to better understand
why are economic models uses for trade-offs and tradesimplified representations of actualitya production possibility frontierb comparative advantagec
how is economics works with interaction of individual choicesprinciples behind the interaction of individual choices1 there are gains through
how are individual makes choicesfundamental principles behind the individual choices are as follows1 resources are scarce2 the real cost of anything
define the points of individual choices makes and interacta how individuals make choicesbull scarcitybull opportunity costbull trade-offsbull
determine velocity approach to money demandthe velocity approach to money demandthe velocity of moneyv p times y mthe real quantity of money
explain about the short term and long term interest rate in money demandthe opportunity cost of holding money demanda short-term interest ratesrates
what are the important tools to consider monetary policyimportant tools to consider monetary policya what the money demand curve isb why the
what is the difference between accounting profit and economic profitaccounting profitthe accounting profit of a business is the revenue of business
what are the difference between explicit cost and implicit costboth are concerns to opportunity cost and decisionsan explicit cost is a cost which
what are the important tools of making decisionsmaking decisionsa how economists model decision making through individuals and firmsb implicit costs
explain about the economies and diseconomies of scaleeconomies and diseconomies of scalea there are economies of scale while long-run average total
what are the general principles about marginal and average total cost curvesgeneral principles which are always true concerning a firmrsquos marginal
what is average cost in the producing outputaverage total cost frequently considered as to simply average cost is sum of total cost divided through
what is the total cost of producing outputthe total cost of producing a specified quantity of output is the total of the fixed cost along with the
what is fixed cost and variable costby the production function to cost curvesa fixed cost is a cost which does not depend onto the quantity of output
what is the marginal productthe marginal product of an input is the extra quantity of output which is generated by using one more unit of which
what are long run and short runlong runit is the time period wherein all inputs cannot be fixedshort runit is the time period within which at least
what do learn by study the supply curve concepts a the relationship in between quantity of inputs and outputb why production is frequently subject to
explain the term production function in the economicsproduction functiona production function is the association between the quantity of inputs a
discuss about real verses nominal gross domestic productreal verses nominal gross domestic productreal gross domestic product the value of the
what do you mean by gross domestic productgross domestic productgdp stands for gross domestic product measures the value of all concluding goods and