Illustrate the characteristics of the Market System
Illustrate the characteristics of the Market System?
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Most of the private property Private individuals and firms own (land and capital):-
1. Private property, coupled with the freedom enables individuals, to discuss binding, legal contracts and businesses to acquire exploit, control and organize of this property.
2. Private property rights encourage innovation, venture, maintenance of property, exchange of assets as well as economic growth.
3. Property rights extend to intellectual property through copyrights, patents as well as trademarks.
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.”
Describe Spillovers and externalities?
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
Explain increased global competition?
Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
Describe World Trade Organization (WTO)?
Intermediaries ultimately prosper only when they give a service of decreasing: (1) demand for a good (2) prices paid to manufacturers of a good. (3) transaction costs. (4) rivalry for various types of resources. (5) cut-throat competition into markets
Adam Smith attributed unpredictable and frequent fluctuations within profits to: (i) variations in the prices of the goods a firm or person produces and sells. (ii) the bad or good fortune of rivals. (iii) the good or bad fortune of customers. (iv) tr
Business Report Objectives This assessment item relat
Briefly explain the term Earnings per share (or EPS)?
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