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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?
Q. Explain about Capacity Utilization? Capacity Utilization: A company or economy's capacity represents maximum amount of output it can produce. Rate of capacity utilization, h
Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
determinants of demand and determinants of supply
Which assumption of Classic OLS does this model violate?
ppf
Assume that in the market there exist two types of workers where the principle cannot distinguish types. The two types only differ with respect to the disutility of effort. The dis
Is Indian companies running a risk by not giving attention to cost cutting?
Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to ex
explain marris model of the managerial enterprise
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