Significant that economics is not a laboratory science
Why is it significant that economics is not a laboratory science? What problems may be evolved in deriving and applying economic principles?
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Because the world of reality is cluttered with innumerable interrelated facts, researchers must be highly selective in gathering information. They must determine which facts are relevant to the problem under consideration. But even when this sorting process is complete, the relevant information may at first seem random and unrelated.
The economist seeks principles—generalizations about the way individuals and institutions behave. Deriving principles is called theoretical economics or economic analysis. The role of economic theorizing or economic analysis is to systematically arrange facts, interpret them, and generalize from them.
Explain: “Exchange is the necessary consequence of specialization.”
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
Payments for the use of land, capital and labor are respectively termed as: (w) rent, wages and profits. (x) rent, interest and wages. (y) dues, profits and depreciation. (z) fruit, profits and money. Q : Describe the Functional distribution of Describe the Functional distribution of income?
Describe the Functional distribution of income?
From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?
Explain how government might manipulate its expenditures and tax revenues to reduce unemployment?
Illustrates the inverse relationship between price and quantity?
Describe unexpected deflation?
Question: If a government pegs the value of its currency to another currency, the government must stand ready to i. _________________________ the "hard" currency to defend the pegged value of its own currency. ii.
Advertising costs or persuasive advertising: When the expenses incurred by a find to persuade the potential consumer to present their brands or products as different or better compared to another brands or products is termed as advertising costs or pe
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