--%>
Assignment Help - homework help

Explain the foundation of economics

Explain the foundation of economics where society’s material wants are unlimited?

E

Expert

Verified

The foundation of economics where society’s material wants are unlimited (the first fundamental fact) are:-

1. Economic wants are desires of people to use goods and services which present utility that means satisfaction.

2. Division is subjective whereas products are sometimes classified as luxuries/necessities.

3. Services satisfy wants as well as goods.

4. Businesses and governments also have wants.

5. Over time, wants change and multiply.

   Related Questions in Business Economics

  • Q : Key model of price-specie flow mechanism

    The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil

    		•
  • Q : Speculators activities over the long-run

    Over the long-run the speculators activities are tend to: (1) decrease the volatility of prices. (2) attract legal attention and result in imprisonment. (3) increase the level and volatility of prices both. (4) yield tremendous profits and raise costs

    		•
  • Q : Sources of not tax revenue Provide some

    Provide some sources of not tax revenue? Answer: Escheat, income from public enterprises, special assessment, fees and fines and so on.

    		•
  • Q : Illustrate the Optimal or best

    Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?

    		•
  • Q : Price competition My friend can't

    My friend can't succeed to get the answer of this question. Give me solution of this question. From a heterodox perspective, why does destructive price competition drive enterprises to set up market institutions which would abolish price competition?

    		•
  • Q : Describe unanticipated inflation

    Describe unanticipated inflation?

    		•
  • Q : Characteristics of Perfectly

    Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers.

    Q : Production possibility frontier

    Question: Scenario: You have been hired as the economics adviser for the newly elected State Premier. On your first day, the Premier introduces you to the new Minister for Health

    		•
  • Q : Invisible hand Describe the meaning of

    Describe the meaning of the term “invisible hand.”

    		•
  • Q : Allocating resources and distribute

    The market system tends to mainly beneficial allocating resources and distributes goods while: (1) the distributions of wealth and resource ownership are extensively perceived as equitable. (2) markets are extremely competitive. (3) goods are rival an

    		•