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Economics- Definition
Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people.
Microeconomics handles with:
• Conduct of individual units
• When Consuming; How we select what to buy
• When manufacturing; How we decide what to produce
• Markets: The communication of consumers and producers
• Evaluation of aggregate issues:
?? Inflation
?? Economic growth
?? Unemployment
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
I need to write an essay about industrial and labour relations ( at most 5 pages ) Deadline is in a month. I would like to know if your tutor can do that and how much it costs.
waht are the characteristics of perfect competetion market
discuss the implications of various market structures(competitive and non-competitive) for price determination
Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
Poverty: A state of having inadequate income or other resources to support a household (or group of households) at a basic standard of living. Poverty can be measured in absoluterr
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