Illustrate Scarcity and choice of Economic Perspective
Illustrate Scarcity and choice of Economic Perspective?
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1. Resources can only be used for one purpose at a time.
2. Scarcity requires that choices be made.
3. The cost of any good, service, or activity is the value of what must be given up to obtain it. ( opportunity cost ).
Adam Smith wrote his Wealth of Nations within part like a refutation of the doctrines: (1) classical liberalism. (2) utilitarianism. (3) mercantilism. (4) physiocracy. (5) laissez faire capitalism.
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
How a production possibilities curve is a graphical representation of choices?
Describe what do you mean by European Union (EU)?
Explain the markets and prices of the Market System?
What happens in the resource markets?
Explain producers in an industry are receiving pure or economic profits?
Illustrate the supply curve and also determinants of supply?
Why private goods are produced through the market?
Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo
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