--%>
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 : Purely competitive labor market The

    The individual household within a purely competitive labor market as: (w) has a perfectly elastic supply of labor at the market wage. (x) has a perfectly inelastic supply of labor at the market wage. (y) faces a perfectly elastic demand for its labor

    		•
  • Q : Income effect of a small wage rate

    The income effect of a small change within the wage rate for that worker most strongly exceeds the substitution effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $25 pe

    		•
  • Q : Definition of Managerial economics

    Describes the definition of Managerial economics according to Douglas?

    		•
  • Q : Functions and responsibilities of

    States the functions and responsibilities of managerial economist?

    		•
  • Q : LEAST probable backward bending supply

    The supply curve of labor is LEAST probable to be “backward bending” for: (1) an individual worker. (2) the economy as a whole. (3) highly specialized industries which are main employers of dedicated PhDs hired only after

    		•
  • Q : Use of Screening and Credentialism

    Critics of the wide use of screening and signaling within hiring practices argue which: (w) formal training is never very important in preparing workers with necessary skills. (x) worker credentials tend to be negatively related to productivity. (y) l

    		•
  • Q : Illustrates the demand schedules

    Illustrates the demand schedules important for law of demand? Answer: The perception of law of demand may be explained along with the demand schedules are as follow:

    		•
  • Q : Government license in operating

    Gilligan is hiring new workers to help run his Island Getaway resort. Gilligan makes a decision that he will not hire a new worker unless they have been properly trained and certified into wilderness survival and have a license by the government to operate watercraft.

    		•
  • Q : Factors governing prices and pricing

    Illustrates the factors governing prices and pricing decision in briefly?

    		•
  • Q : Illustrates the types of Demand

    Illustrates the types of Demand Forecasting?

    		•