Explain the foundation of economics
Explain the foundation of economics where society’s material wants are unlimited?
Expert
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.
Hello, I would like help with my assignment.
What are the determinants of supply?
Dividing monetary prices from each other yields: (v) nominal prices. (w) relative prices. (x) subjective prices. (y) absolute prices. (z) transaction prices. Hello guys I want your advice. Please recommend some vie
Which of the given is the best illustration of a perfectly competitive industry: w) wheat production. x) steel production. y) electricity production. z) airplane production. Hey friends please give your opinion for
What happens to the supply curve when each of these determinants changes?
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
Use the circular flow model to confirm this assertion for a 2% reduction in the Federal corporate income tax.
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
Who owns the factors of production and the method used to coordinate economic activity?
Question: For a freely floating currency, currency i.____________________ occurs when the market value of a country's currency rises relative to the value of another country's currency, while currency ii.__________
18,76,764
1923478 Asked
3,689
Active Tutors
1425315
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!