Write short note Economics
Write short note Economics?
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Economics is the social science concerned with the problem of using scarce resources to attain the greatest fulfillment of society’s unlimited wants. Economics is a science of efficiency in the use of scarce resources. Efficiency requires full employment of available resources and full production.
1. Full employment means all available resources should be employed.
2. Full production means that employed resources are providing maximum satisfaction of our economic wants. If this is not so underemployment arises.
What are the major legal forms of business organization?
Illustrate the Comparative advantage and terms of trade?
Illustrates how hard it is to define what is “American made” in today’s global economy?
Contrast how a market system and a command economy try to cope with economic scarcity?
What are the criteria of issuing stocks or bonds?
“The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.” Do you agree?
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
Elucidate the changing rates of Appreciation and Depreciation?
What do you understand by the term internal rate of return?
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