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.
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
Elucidate state expenditures and receipts for all states in 1998?
Illustrate the 2nd function to promote and maintain competition?
As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested
Q X= 600- 6PX + 20I +0.4PY c. Suppose PX increases by 10%, by what percentage would sales decrease? Explain how this price increase affect total revenues from good X.
From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?
This Assignment assesses the following module Learning Outcomes:1. Describe current production concepts and techniques in formulating a manufacturing strategy.2. Discuss the development and implementation of manufacturing strategies in the busi
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
Illustrate “freedom is to some extent illusory”?
What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?
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