Describe the importance of opportunity cost to a society, Microeconomics

Assignment Help:

Problem:

(a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society.

(b) Distinguish between a centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problems.

(c) According to you which of the above economic system is the best.


Related Discussions:- Describe the importance of opportunity cost to a society

Economic cycle, Economic Cycle The economic cycle is the long-standing...

Economic Cycle The economic cycle is the long-standing sample of alternating times of economic growth (expansion) and decline (recession), followed by changing economic indica

Production with two variable inputs, Production with Two Variable Inputs ...

Production with Two Variable Inputs *  There is relationship between productivity and production. *  Long run production K& L are variable. *  Isoquants analyze and compa

Asian development bank, ASIAN DEVELOPMENT BANK; In addition to the Wor...

ASIAN DEVELOPMENT BANK; In addition to the World Bank family, there are three other international lending agencies operating only in specific geographical area, but run on lin

PRODUCTION FUNCTION, discuss the problems of measuring productivity in actu...

discuss the problems of measuring productivity in actual work situations. how might productivity be measured for each of the following industries: education, government and manufac

Explain how automatic stabilisers help to lower fluctuations, Explain how a...

Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans

Assignment, Illustrate and discuss the impliction of various market structu...

Illustrate and discuss the impliction of various market structures(competitive and non-competitive)

What is return on investment, What is return on investment?   Return on ...

What is return on investment?   Return on investment is the profit earned by investing in some business or some project, for instance investment in stock exchange. Profit earned

Microeconomies, Why some country saving less and consumption more?

Why some country saving less and consumption more?

Econometrics, Formulate the consumption function for Mauritius using approp...

Formulate the consumption function for Mauritius using appropriate theories and suggest values for the coefficients of the independent variables based on theories. Given it’s a tim

Illustrate the income changes and consumption choice, Illustrate the income...

Illustrate the income changes and consumption choice. Income Changes and Consumption Choice: This is of interest to see at how the consumer’s demand changes when we hold pri

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd