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What is the Adam smith view of "invisible Hand"?
Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his/her personal advantage in the market but market as a whole also runs very smoothly which means that there is some unknown power behind economic market which is running the entire economy. One example of this invisible hand is Government itself.
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
Syndicated and organized oligopoly
Economies and Diseconomies of Scale -Economies of Scale Increase in the output is greater than increase in the inputs. -Diseconomies of Scale Increase in the
Analyze the various ways in which property rights encourage economic development and make at least one recommendation for improving current laws. Explain your rationale.
Once the organization has decided to move forward with the development of a new or modified system, it is time to determine what tasks are necessary to move the project from initia
What are the different pricing practices?
Question 1: Compare and contrast between perfect competition and monopoly. Which of the two types of market structures is efficient? Question 2: Prepare a short notes
1. Why does inflation make nominal GDP a poor measure of the increase in total production from one to the next? How does the U.S' BEA deal with the problem inflation causes w
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
What are corrective taxes? Why do economists prefer them to regulations as a way to protect the environment from pollution. Discuss
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