Explain the difference between accounting and economic
1) Explain the difference between accounting and economic profits.
2) Explain the way income affects demand and why each sub category is important.
3) Explain the law of unintended consequences and what danger it holds.
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How would a communist economy, a market economy and a mixed economy react to technological changes? How wold they react to social changes? What is the role on nature in these three economies?
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If a nail were driven into a tree at a height of five feet from ground level, and thereafter the tree grew an average of two feet in height per year, approximately how high above the ground level would the nail be ten years later
Explain the difference between accounting and economic profits.
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the normal function of p53 is to A) promote growth of tumor B) signal immune system cells that tumor cells are present C) promote the destruction of cells with unrepaired DNA replication errors
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Why is market competition important? Is there a positive or negative impact on the economy when strong competitive pressures drive firms out of business? Why or why not?
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