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Real and nominal wages
Wages are wanted only for what they will buy, real wages being wages in terms of the goods and services that can be bought with them. Nominal wages are wages in terms of money, and the term money wages is perhaps to be preferred. In determining nominal wages of people in different occupations; account must be taken of payments in kind, such as free uniform for policemen, railway workers and may others, free travel to and from work for those engaged in the passenger transport undertakings, the use of the car by some business executives, free board and lodging for some hotel workers and nurses.
" The labourer", say Adam Smith, "is rich or poor, is well or ill rewarded, in proportion to the real, not to the nominal price of his labour."
Describe the Status goods of law of demand The law doesn't concern the commodities that function as a 'status symbol', add to the social status or exhibit prosperity and opulen
Explain factors determining elasticity of demand.
Benefits are: 1) People can create their own decisions 2) The government has limited control, which is good for arrangement 3) Gives freedoms like Enterprise, ownership,
price output determination under monopoly explain
When given two demand functions to calculate elasticity of demand do you use point elasticity or arc elasticity of demand formula
how it is revalent?
The Frugal Economy In the Frugal economy, households and firms look to the future, and as a result undertake both Saving and Investment. SAVING Saving is income no
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REGRESSIVE TAX A tax is said to be regressive when its burden falls more heavily on the poor than on the rich. No civilized government imposes a tax like this.
PUBLIC EXPENDITURE The accounts of the central government are centered on two funds, the Consolidated Fund, which handles the revenues form taxation and other miscellaneous re
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