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.
As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested
What are the scientific method that Economists use to establish theories, laws, and principles?
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
What divergences arise between equilibrium and an efficient output spillover benefits are present? How might government correct this divergence?
What will be produced in all economic systems?
What is the scientific method and how does it relate to theoretical economics? What is the difference between a hypothesis and an economic law or principle?
Who owns the factors of production and the method used to coordinate economic activity?
Write down the steps carried out for proper control on capital budgeting process?
Explain how the Circular Flow Model for a Market-Oriented System?
Illustrate Professional and personal applications?
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