Elucidate Reliance on technology and capital goods
Elucidate Reliance on technology and capital goods of the market system?
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1. Competition, freedom of choice, self-interest, and the potential of profits provide the incentive for capital accumulation (investment).
2. Advanced technology and capital goods uses the more efficient roundabout method of technology.
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
Define cyclical fluctuations?
Economics as a science:We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, econo
Who owns the factors of production and the method used to coordinate economic activity?
How Reciprocal Trade Agreements Act had goal of reducing tariffs?
surpluses drives price down,shortages drive up
Evaluate and explain the statements: “Competition is the essential despot of the market economy”.
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Symptoms of governmental interference- Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological
Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological
Describe North American Free Trade Agreement (NAFTA)?
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