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

Periodic table, which three group of the periodic table contain the most el...

which three group of the periodic table contain the most elements classified as metalloids (semimetals)?

#Monopoly, How to prepare an assignment of Monopoly in economics#Minimum 10...

How to prepare an assignment of Monopoly in economics#Minimum 100 words accepted#

Pooling, pooling in insurance

pooling in insurance

Capital formation, Capital formation: Growth Economists believe that ...

Capital formation: Growth Economists believe that accumulation of capital is one main source of growth of an economy. Emphasis is given to the accumulation of more capital pe

Nash equilibrium, Think of the Golden Ball game. Now player 1 is money-mind...

Think of the Golden Ball game. Now player 1 is money-minded and jealous, and player 2 is very good-hearted, so the payoff matrix is follows:                                Playe

Depletion and depreciation, During its current tax year (year one) a pharma...

During its current tax year (year one) a pharmaceutical company purchased a mixing tank that had a fair market price of $120,000. It replaced the an older, smaller mixing tank that

What defines the fact that the value of global production, What defines the...

What defines the fact that the value of global production has grown by a factor of 4.6, while the value of global production per capita has grown by a factor of 2? The enhance

What is greened gdp, Why has it been difficult to produce a single estimate...

Why has it been difficult to produce a single estimate of an environmentally adjusted or "greened" GDP? What are the two approaches that can be used to put a value on environmental

Econ question, ref article :http://www.economist.com/news/finance-and-econo...

ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are   a.assume that the debt ceiling crisis

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