Describe double coincidence of wants
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
What do you mean by Graphs?
Explain the law of supply. Why does the supply curve slope upward?
Explain Self-interest of the Market System?
Illustrate the several determinants of demand besides price which affect demand?
Assume that you bought a ton of gold in Santiago, and Chile for $450 per ounce and immediately sold all of this in Antwerp, Belgium for $480 per ounce. Therefore economists would categorize your movement as: (i) arbitrage. (ii) scalping. (iii) screening. (iv) speculat
Explain the cause of Trade barriers?
Drinking at a public water fountain is: (w) a public good because anyone may drink from it. (x) results in a negative externality because others can’t drink from this at similar time. (y) a positive externality because you are benefiting by other’s provisi
Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
Explain the markets and prices of the Market System?
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