Who will get the goods and services
Who will get the goods and services?
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1. The answer to this question is directly related to how the income is distributed among the individuals and the households and the tastes and preferences of consumers.
2. Products go to those who are willing and able to pay for them.
3. The productivity of the relative supply as well as the resources of particular resources also the possession of resources will determine the income of individuals and households.
4. The resource markets are linked to this decision, which conclude income.
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
Explain the statements: The market system not only accepts self-interest as a fact of human existence.
Why businesses are not really “free” to produce what they wish?
Illustrate Qualification in International Trade?
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
Which of the given is a quality of an oligopolistic market structure? w) There are only some dominant sellers. x) every firm sells a unique product. y) this is easy for new firms to enter the industry. z) Each firm require not react to the actions of
The model of _____ was demonstrated by _____ along with the quote, “The loss of a small finger would remain the average European by sleeping which night, ... but, given he never observed them, he will snore with the most profound security over the loss of millio
Describe the Promoting stability?
Illustrate the term Economic Rationale?
Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.
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