Illustrate how Microeconomics looks at specific economic
Illustrate how Microeconomics looks at specific economic units?
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1. It is concerned with the individual industry, firm or household and the price of specific products and resources.
2. It is an examination of trees, and not the forest.
Explain Self-interest of the Market System?
“The best of all probable worlds is one in that we adopt policies which maximize the happiness of the lots number of people” is a statement of the utilitarian philosophy attributed to: (w) Alfred Korzybski. (x) Hugo Grotius. (y) Xenophon.
Illustrates how hard it is to define what is “American made” in today’s global economy?
Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should
simultaneous method in demand forecasting?
The market-based economic system: (1) Appears to be ‘natural’ as it has existed in all societies. (2) Has dominated the economic relationships in United States since from the year1492. (3) Guided resource allocation in middle ages. (4) Is
Elucidate reallocation of Government resources?
Within the Wealth of Nations, argument by Adam Smith such that a nation’s true wealth is its capability to: (1) obtain stocks of financial capital. (2) inspire its people’s courage and diligence. (c) give
How is a shift in demand reflected in a demand equation? How is a shift in supply reflected in a supply equation? How is a movement along a demand (supply) curve reflected in a demand (supply) equation?
What is the most important source of revenue and the major type of expenditure at the state level?
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