Economic luxury and an economic necessity, Macroeconomics

What is the difference between an economic luxury and an economic necessity?

Ans) An economic luxury is wasting land on pools huge garden, etc. An economic requirement is what you require a certain amount of space (houses) to make something very essential (to live in)


Posted Date: 4/1/2013 5:22:25 AM | Location : United States

Related Discussions:- Economic luxury and an economic necessity, Assignment Help, Ask Question on Economic luxury and an economic necessity, Get Answer, Expert's Help, Economic luxury and an economic necessity Discussions

Write discussion on Economic luxury and an economic necessity
Your posts are moderated
Related Questions
Suppose a company is considering two independent projects, Project A and Project B.  The cash outlay for Project A is $14,000. The cash outlay for Project B is $20,000. The company

Discuss about real verses nominal gross domestic product. Real verses Nominal Gross Domestic Product: Real Gross Domestic Product: the value of the concluding goods and se

When a government spends more than it receives in taxes; it runs a budget deficit, which is generally covered by issuing debt obligations to domestic and/or international investors

In reference to the above question, assume you know the combination of inputs that minimizes cost. What would happen to this input combination if the price of labor increased? What

Determine the rate of economic growth in UK With regard to economic growth, a good starting point for evaluation and analysis is the fact that rate of economic growth in UK has

Q. Explain money market with inflation? The money market with inflation  Let's begin with the money market diagram and introduce inflation. As M D relies positively on P

Which is not true of the difference between sampling error and standard error? a. Standard error is a difference from the population. b. Sampling error can't usually be calcula

Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?   The curve is bowed-out because some resources are better suited for the

2. Given the following information: Consumers are very optimistic about the future. The price of oil has just doubled. The money supply is growing at a 6% rate. The government has

Explain the Gains from Trade of market. Producer Surplus, Consumer Surplus, Gains through Trade and Efficiency of Markets: Consumers and producers both are better off since