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Economics; Different Perspective
? Economics is the knowledge of the choices taken by people who are faced with scarcity.
? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.
Society’s Choices
? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:
1. What products do we manufacture?
2. How do we manufacture these products?
3. Who consumes or intakes the products?
Depreciation: This signifies the loss of value from an existing stock of real capital (for an individual company or for whole economy), reflecting normal wear-and-tear of machinery
explain how macro and micro issues may be represented using production possibility curve
illustrate a long-run equilbrium using diagrams for the gold market and for a representative gold mine
An ole firm can use its own data of past years regarding its sales in past years. These data are known as time series of sales. A firm can predict sales of its product by fitting t
Suppose the demand curve for a consumer for coffee is: Q = 6 – 2P, where Q represents the number of cups per day and P is the price of coffee per cup. Question: Sppose the co
Indifference curve definition
Define Average Total Cost and Average Variable Cost Average Total Cost: The amount spent on producing every unit of output. The average cost is calculated by dividing the t
Preference to Non-debt Creating Capital Flows: The most important element of strategy has been the paradigm shift in the attitude towards inflow of capital from abroad. Capit
discuss the methods used by the malaysian government to slow down import growth.
is it just assumed that a monopoly graph is showing economic profit instead of accounting profit
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