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.
Explain the demand for bagels rises dramatically while the demand for breakfast cereal falls?
The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil
What do you mean by Linkages?
Use the circular flow model to confirm this assertion for the levying of a tax on air polluters?
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
Elucidate reallocation of Government resources?
Distinguish between a change in supply and a change in the quantity supplied?
The competitive market system is least probable to be allocatively unproductive as a result of: (w) externalities and public goods. (x) cutthroat competition and the outsourcing of low-wage jobs to less grown countries. (y) the underproduction of a go
Briefly describe Net income approach? Named who recommended this theory?
Describe Quasi-public goods?
18,76,764
1941725 Asked
3,689
Active Tutors
1459460
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!