If resources were unlimited and freely available
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
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If resources were unlimited and freely available, making choices would not be necessary. Every person could have as much as they wanted of any good or service. Science of choice should be unnecessary in Economics.
Illustrate the changes in Demand, Supply and Equilibrium?
Explain the statements: The market system not only accepts self-interest as a fact of human existence.
Which of the given is not a characteristic of a perfectly competitive market structure: w) there are a very huge number of firms which are small compared to the market. x) All firms sell the same products. y) There are no restrictions to entry through
Question: Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world i
I have a problem in economics on Capitalism-Tightly regulate business. Please help me in the following question. The govt. in a purely capitalist state would not: (1) Find out the property rights. (2) Enforce contracts among private parties. (3) Offer
Describe the Slope of a nonlinear curve?
How does society decide its optimal point on the production possibilities curve?
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
Explain how women expanded production possibilities?
Not between exact activities for government to undertake, according to Adam Smith, would be for the government to: (1) maintain public institutions and public works. (2) protect society by invasion. (3) serves as a medium for law and justice. (4) regu
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