Explain the foundation of economics
Explain the foundation of economics where society’s material wants are unlimited?
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The foundation of economics where society’s material wants are unlimited (the first fundamental fact) are:-
1. Economic wants are desires of people to use goods and services which present utility that means satisfaction.
2. Division is subjective whereas products are sometimes classified as luxuries/necessities.
3. Services satisfy wants as well as goods.
4. Businesses and governments also have wants.
5. Over time, wants change and multiply.
numbers of sellers in pure competition?
Explain Unemployment, Growth, and the Future?
Elucidate Reliance on technology and capital goods of the market system?
Why private goods are produced through the market?
Distinguish between a change in demand and a change in the quantity demanded?
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
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Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
Contrast a vertically integrated firm, a horizontally integrated firm, and a conglomerate?
Use the circular flow model to confirm this assertion for a 2% reduction in the Federal corporate income tax.
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