Describe two kinds of efficiency Full production imply
Describe two kinds of efficiency Full production imply?
Expert
1. Locative efficiency means that resources are used for producing the combination of goods and services most wanted by society.
Eg: instead of long-playing records producing compact discs with productive resources or computers with word processors rather than manual typewriters.
2. Productive efficiency means that least costly production techniques are used to produce wanted goods and services.
Illustrate the several determinants of demand besides price which affect demand?
Illustrate the complex cases when both supply and demand shift?
Definition of “Full Employment”?
Describe four important areas to emphasize Expenditures?
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
How market system promotes technological improvements?
Define the Legal forms of businesses?
Explain about Market Structures briefly.
Describe Quasi-public goods?
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