Explain Self-interest of the Market System
Explain Self-interest of the Market System?
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a. Self interest is one of the driving forces in a market system. Entrepreneurs try to make the most of profits or minimize losses; resource suppliers try to maximize income; consumers maximize satisfaction.
b. As each tries to income, satisfaction, maximize profits the economy will benefit if competition is present.
The initial “professional” university professors who taught economic concepts like academic subjects, those were: (1) cosmologists. (2) moral philosophers. (3) socio-biologists. (4) natural historians (5) logicians. (6) mathematicians. (7)
Which of the given describes a condition in which a good or service is produced at the lowest probable cost: w) productive efficiency. x) allocative efficiency. y) marginal efficiency. z) profit maximization Please
Illustrate Economics for citizenship?
Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource
Economic efficiency is present while the: (w) economic system is a pure socialist system. (x) resources obtainable are slightly wasted. (y) value of output is maximized, specified restricted resources. (z) utilization of resources is minimized. <
How will the goods and services be produced?
How can we compute operating leverage?
What was rightward shift of PPC point out? Answer: It points out growth of the resources.
Difference between normal goods and inferior goods. Give illustration.
What does financial leverage specify? And also states its limitations?
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