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.
What is the basic principle of comparative advantage?
Define the term Abstractions in economics?
Intermediaries ultimately prosper only when they give a service of decreasing: (1) demand for a good (2) prices paid to manufacturers of a good. (3) transaction costs. (4) rivalry for various types of resources. (5) cut-throat competition into markets
Entrepreneurs: (w) undertake risky forms of production to gain uncertain profits. (x) obtain interest payments for their services. (y) are usually overcompensated for their innovations. (z) receive virtually all their wealth by inheritance.
The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’
The points on a production possibilities curve communicate to combinations of goods which: (1) Can’t be generated with no technological advances. (2) Utilize all resources fully and efficiently in the production. (3) Can be generated, however use economic capaci
What 2 points are required to emphasis foreign exchange market?
Suppose studies show that students who study more hours receive higher grades. Is there any relationship which guarantees that any particular student who studies longer will get higher grades?
What do you mean by Linkages?
If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?
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