What are economic resources
What are economic resources? What are the major functions of the entrepreneur?
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Economic resources are of four main types: labor, land (natural resources), real capital (machines, factories, buildings, etc.,) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process. Economic resources are essential to create the outputs desired by society as these names imply. Since certain outputs are desired, they command a price and so, therefore, do economic resources. This can lead to some things being economic resources in some circumstances but not in others. Water in the middle of a lake, for example, is not an economic resource: Anyone can have it free. But the same water piped to a factory site is no longer free: Its movement must be paid for by taxes or by a specific charge. It is now an economic resource because the factory owner would not pay for its delivery unless the water was to be used in the factory’s production.
Use the circular flow model to confirm this assertion for the levying of a tax on air polluters?
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.
Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.
Illustrate the 4th role is the reallocation of resources?
Explain increased global competition?
Adam Smith would have agreed mostly along with the concept which wages are: (i) positively associated to physical comfort when working. (ii) negatively related to the cost of learning the business. (iii) positively associated to the s
Evaluate and explain the statements: “Market is its own guardian implies that there really is an invisible hand or taskmaster that watches over the decision makers in the marketplace”
Who owns the factors of production and the method used to coordinate economic activity?
Problem 2 Consider Garfield's utility function given as U(x1, x2) = x1x2, wher
How does society decide its optimal point on the production possibilities curve?
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