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.
Describe the duty of bondholders in a bond?
Give a brief introduction of the term Control Factor?
Explain in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: “The trouble with economic theory is that it is not practical. It is detached from the real world.”
The market-based economic system: (1) Appears to be ‘natural’ as it has existed in all societies. (2) Has dominated the economic relationships in United States since from the year1492. (3) Guided resource allocation in middle ages. (4) Is
Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output produced for a given total cost. (iv) satisfaction atta
Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe
Marrying the one you love involves opportunity costs, mainly since: (i) being married limits your freedom to marry someone else, and you should also consider making someone else happy while making decisions which affect both of you. (ii) two can live
Illustrate the 2nd function to promote and maintain competition?
Advertising costs or persuasive advertising: When the expenses incurred by a find to persuade the potential consumer to present their brands or products as different or better compared to another brands or products is termed as advertising costs or pe
True or false? “U.S. exports create a demand for foreign currencies; foreign imports of U.S. goods generate supplies of foreign currencies.” Explain.
18,76,764
1954601 Asked
3,689
Active Tutors
1434350
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!