Illustrate Professional and personal applications
Illustrate Professional and personal applications?
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1. The study of economics helps to develop an individual’s analytical skills and allows students to better predict the logical consequences of their actions.
2. Economic principles enable business managers to make more intelligent decisions.
3. Economics can help individuals make better buying decisions, better employment choices, and better financial investments.
4. Economics is however, mainly an academic, not a vocational subject. Its primary objective is to examine problems and decisions from a social rather than personal point of view. It is not a series of “how to make money” examples.
Illustrate Qualification in International Trade?
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
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.
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
Define Dependent and independent variables?
Elucidate various national currencies of foreign exchange market?
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
Illustrate the Law of supply?
Explain the statements: The market system not only accepts self-interest as a fact of human existence.
How can we evaluate cost of capital?
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