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
Some equipment that costs $1000.00 has a 5-year depreciable life and an estimated $50 salvage value at the end of time. Determine whether to use straight-line or SOYD depreciation.

If a nation were to experience an influx of foreign labor into the market for corn production, the production possibilities frontier for the nation would: a. shift inward due to

A grocery store manager would like to have an idea concerning the average amount milk the store sells per day. In a sample of 70 days, the average amount number of gallons sold was

Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choos

After a competitive bidding process, Firm G wins a contract to collect and dispose of Firm H's hazardous waste for $1,000 per year. Firm G's labor costs are $200 per year, and beca

a) There is a general trade, and sometimes prominent as in case of UK, Canada, and Europe. When the tariff rates are showing an upward trend, the trade/GDP ratio is either declinin

How can franchises ensure their products are appropriate for international markets?

Aggregate demand with inflation In previous versions of Keynesian model, Components of aggregate demand did not depend on P. In IS-LM and in AS-AD models, investments depended

Note that it's changes in prices during 2008 that matter for the high real interest rate (time period when your deposit is earning interest). This means that you can never know how

Q. Describe Wages and income? Remember that by wage we characteristically mean what you receive for working one hour, whereas income is the total revenue from all sources over