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
Why is it important for an organization to study and understand its external environment?

Because the structure of the personal income tax is progressive, a larger share of income is taxed at higher rates as real income increases. Therefore, economic growth automaticall


Show the effects on the price level and real GDP of a major union wage settlement that significantly increases wages. Is this a supply shock, a demand shock, or both?

: Suppose that 100 people live around a hazardous waste dump. If the people continue to live there for 20 years, one of them will likely contract a painful, non-fatal cancer that w

In 2009, ABC Company made $2M of net profit and spent $100,000 on advertisement. In 2010, it made $2.5M of net profit and spent $150,000 of advertisement. Based on this information

Question 1: Consider a two-period, two-person pure exchange economy. Utility functions and endowments are given as follows. u1(x0; x1) = (x0x1)2 and e1 = (18; 4) u2(x0; x1) = ln x0

Only two identical firms i = A;B, each with marginal cost MCi = 40 and no fixed cost, operate in a market with demand: Q     p 1    160 2    120 3     90 4     70

A 90 o perfectly conducting corner cube reflector has a shortdipole (oriented in the z-direction) placed at a distance d from the vertex. The antenna is fed by current Io. a) F

A scientist postulates that grazing by gastropod snails affects the settlement of Spirorbid worms in estuaries. She sets up a manipulative experiment to test this by using cages to