--%>
Assignment Help - homework help

Merits and demerits of Scarcity Definition of economics

What are the merits and demerits of Scarcity Definition of economics?

E

Expert

Verified

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.

   Related Questions in Managerial Economics

  • Q : More productive firm for labor Workers

    Workers who keep their jobs will be more productive after firms adjust to raises in: (1) competition in an industry. (2) wages. (3) technological advances. (4) capital costs. (5) government regulation. Hey friends please give your

    		•
  • Q : Explain the reasons for demand curve

    Explain the reasons for demand curve slopes downward.

    		•
  • Q : Area of decision making in Managerial /

    Illustrates the area of decision making in Managerial / Business Economics?

    		•
  • Q : Part of the payment in economic rent

    Economic rent shows part of the payment for the utilization of: (w) landowners’ labor and capital to keep their land. (x) landowners’ buildings and equipment. (y) resources for that supplies are less than perfectly elastic. (z) any piece o

    		•
  • Q : Explain the different types of income

    Explain the different types of income elasticity of demand.

    		•
  • Q : Explain the meaning of price Explain

    Explain the meaning of price.

    		•
  • Q : Economic efficiency for consumption and

    Economic efficiency for all consumption and production choices would guarantee getting the social objectives of: (w) equality of income distribution. (x) employment and educational opportunities for all. (y) enhanced environmental quality. (z) None of

    		•
  • Q : Elasticity of Demand for Labor in Firm

    Increasing the wage rate increases total wages received through workers when the demand for labor is: (w) relatively elastic. (x) relatively inelastic. (y) unitarily elastic. (z) perfectly elastic.

  • Q : Human Capital and the Demand for Labor

    Investment in human capital is not essentially involved while: (w) people acquire and sharpen new productive skills. (x) a person attends college and learns engineering. (y) a person jogs to stay in shape. (z) the marginal productivity of labor increa

    		•
  • Q : Illustrates marginal cost pricing and

    Illustrates the marginal cost pricing and differential pricing?

    		•