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

The production possibilities frontier (ppf), The Production Possibilities F...

The Production Possibilities Frontier (PPF) The PPF curve exhibits the probable combinations of goods and services accessible to an economy, given that all productive resources

What is corporation, Q. What is Corporation? A corporation is a form of...

Q. What is Corporation? A corporation is a form of business established as an independent legal entity, separate from individuals who own it. A main benefit, for owners, of thi

Theory, who propounded the pure international theory of trade?

who propounded the pure international theory of trade?

Econometric equation, This research will follow the methodology of economet...

This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit

Examine the claim of the investigator, Problem 1: Write short notes on ...

Problem 1: Write short notes on all of the following: (a) Log Linear regression model (b) Lin-Log regression model (c) Individual versus Overall Significance Probl

Explain the phrase price rationing means, Explain what the phrase “price ra...

Explain what the phrase “price rationing” means. Price rationing is the method by which the market system assigns goods and services to consumers while quantity demanded exceeds

Supply, causes of abnormal supply curve

causes of abnormal supply curve

Production, define and explain theory of production?

define and explain theory of production?

Economics, Tc and TVC curves have an inverted s-shape

Tc and TVC curves have an inverted s-shape

Diseconomics of scale, is a hotdog vendor''s stand a good example of diseco...

is a hotdog vendor''s stand a good example of diseconomics of sale?

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