Explain the foundation of economics
Explain the foundation of economics where society’s material wants are unlimited?
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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.
with the aim of diagrams show the difference between A change in demand and A change in quantity demand
Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological
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Use the circular flow model to confirm this assertion for a $1 per hour increase in the minimum wage?
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Briefly explain the term Operating Leverage?
Payments for the use of land, capital and labor are respectively termed as: (w) rent, wages and profits. (x) rent, interest and wages. (y) dues, profits and depreciation. (z) fruit, profits and money. Discover Q & A Leading Solution Library Avail More Than 1426932 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1925724 Asked 3,689 Active Tutors 1426932 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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