What is economics
What is economics?
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Economics is a kind of social science. It is called social since it studies society’s mankind. It also studies the characteristics of human behaviour. As it studies social problems from a scientific point of view so it is called science.
Illustrates the elements of managerial economics as a tool for decision making?
Since an economy moves downward all along the production possibility frontier which is concave from beneath, the: (1) Opportunity cost of the good whose production goes increasing. (2) Law of rising returns outcomes ever lower costs. (3) Dollar value
Describe about the term Boom in phases of business cycle.
If this firm maximizes profit, this will be producing under circumstances of: (1) increasing returns to labor. (2) economies of scale. (3) diminishing returns to labor. (4) constant returns to labor. (5) adverse selection and moral hazard. Q : Define the difference between Define the difference between accounting and economic cost.
Define the difference between accounting and economic cost.
Illustrates the relatively elastic demand?
In countries employing decentralized markets for nearly all decision making: (1) Private individuals select how most resources and goods are allocated. (2) Nonhuman resources should be individually owned. (3) Elaborate economic plans are planned and enforced by law. (
What are the various fields of Economics? Explain.
Explain about the term smoothing techniques.
States the term Production?
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