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Q. Describe Classical Economics?
Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricardo, Jean-Baptiste Say and others. Classical economists wrote in the early years of capitalism and they uniformly celebrated productive, innovative actions of new class of industrial capitalists. They focused on political development and dynamic economic of capitalism, analysed economics in class terms and advocated the labour theory of value.
CONSUMER CHOICE INVOLVING RISK: The traditional theory of consumer behaviour does not include an analysis of uncertain situation. Von Neumann and Morgenstern showed that under
What are the two types of government cash transfer programs in the U.S., used to help households achieve income security? Provide examples of each. The two kinds of government
Survey Methods: The most direct method of forecasting demand in the short run is survey method. Surveys are conducted to collect information about future purchase plans of the
Q. What do you meant by Retained Earnings? Retained Earnings: Business profits that aren't distributed to shareholders (by dividends or other pay-outs) thoughinstead are retain
Question 1 Identify the basic postulates of economics Question 2 Discuss the role of price mechanism Question 3 Explain the shape and application of Engel curve
The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si
The prevention of major swings in economic activity can be handled most easily by the
Theories and Models ?? Microeconomic Analysis – Theories are taken in use to describe the observed phenomena in terms of a set of essential rules and
This is a very common methods of forecasting demand. Under this methods a relationship is established between quantity demanded( dependent variable) and independent variables such
What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?
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