Merits and demerits of Scarcity Definition of economics
What are the merits and demerits of Scarcity Definition of economics?
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The merits of scarcity definition are: i) This definition is analytical. ii) Universal in application. iii) Considering the concept of opportunity cost and a positive study.
Limitations of Scarcity Definition of economics are: i) It is too narrow and too wide. ii) It offers only light but not fruit iii) It is confined to micro analysis and ignores the growth economics.
The demand for labor is less elastic when: (w) resource substitution is easy. (x) output demand is relatively inelastic. (y) wages are a huge percentage of total cost. (z) firms have more time to adjust to wage changes. Q : Illustrates the plethora of definitions Illustrates the plethora of definitions regarding subject matter of economics?
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Explain the term average fixed cost.
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