Society material wants are scarce resources
Explain the foundation of economics where society’s material wants are scarce resources?
Expert
The foundation of economics is the economizing problem where society’s materials wants are scarce resources (the second fundamental fact) are:
1. Economic resources are limited relative to wants.
2. Economic resources are sometimes called factors of production and include four categories:
a. Land or natural resources.
b. Capital or investment goods which are all manufactured aids to production such as equipment, transportation, factories, tools etc.
c. Labor or human resources, which include physical and mental abilities used in production.
d. Entrepreneurial ability, a special kind of human resource that provides four important functions:
i. Combines resources needed for production,
ii. Formulate policy resolutions of a business,
iii. Is an innovator for new products, production techniques, organizational forms,
iv. Bears the risk of effort, funds as well as time.
Write down the common factors influencing capital structure?
Matt’s life is divided into two time periods, young and old, and his utility is a function of two “goods”: consumption when young and consumption whenever old. Consumption when young and consumption when old are both of normal goods to Ma
Briefly describe Financial Leverage? In what manner it is calculated? What does low or high financial leverage signify?
Who will get the goods and services?
consumer's interview method for demand forecasting(point to point explain)
Illustrate and clarify the economizing problem?
Adam Smith’s opinion of an “invisible hand” powerfully implies the meaning that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most peopl
Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe
This wages vary within inverse proportion to the agreeableness and constancy of the employment was a perception first explicitly stated through: (i) Adam Smith. (ii) Karl Marx. (iii) Thomas Malthus. (iv) John Stuart Mill. (v) David Ricardo.
What do you mean by Linkages?
18,76,764
1924042 Asked
3,689
Active Tutors
1430910
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!