Define the term Abstractions in economics
Define the term Abstractions in economics?
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Economic principles, theories or models are abstractions, simplifications, which attempt to find the important connections and relationships of economic behavior. These models are useful precisely because they strip away the clutter and complexity of reality.
Briefly describe the term explicit cost and implicit cost?
Write down the importance of Price Earnings Ratio?
A grocery store chain is considering ways to improve the performance of the waiting lines at their checkout stands. A heavily trafficked checkout stand is monitored for 120 min. In that period, 60 customers have their groceries rung up, and depart from the store. The
Least consistent along with Adam Smith’s theory of wages would be the suggestion that wages vary positively along with the: (w) effort required to learn skills necessary to accomplish particular types of work. (x) stability of employment and the
Describe unanticipated inflation?
Describe the Slope of a nonlinear curve?
Write short note on Demand?
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.”
Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo
Why Trade barriers hurt American consumers?
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