Exchange is the necessary consequence of specialization
Explain: “Exchange is the necessary consequence of specialization.”
Expert
When resources are specialized, they are no longer self-sufficient. Exchange is essential to attain the products as well as services which one requisite. Moreover, result in specialization will be in excess of precise products which is being produced. The excess of one product will be over the excess manufacture of other products.
Describe the term: “Only to be part with it we want money”?
I have a problem in economics on current production possibilities frontier. Please help me in the following question. The combination of 70 units of clothing and 30 units of food are: (1) Completely employs the economy's capacity. (2) Would leave most
What are the determinants of supply?
When Gene can make three pairs of cowboy boots per week or one saddle whereas Roy can make either two pairs of boots or two saddles, Gene will form boots whereas Roy makes saddles according to the: (i) Law of Occam’s Razor. (ii) Principle of comparative advantag
Questions: 1: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice. Q : Historical process by Adam Smith of Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d
Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d
As per to the laissez-faire philosophy of government,: (1) economy works best while all investment decisions are centralized. (2) market system works best along with only minimal government intervention. (3) government must be restricted to stabilizin
“The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.” Do you agree?
Contrast a vertically integrated firm, a horizontally integrated firm, and a conglomerate?
Intermediaries do not classically: (w) reduce transaction costs. (x) absorb risk. (y) try to make profits. (z) cause prices to be more volatile. I need a good answer on the topic of Economic problems. Please give m
18,76,764
1929214 Asked
3,689
Active Tutors
1420187
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!