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Distinction Between Cost and Expenditure
As has already been defined, cost is the money equivalent of material and human resources needed to produce a good or a service. Expenditure is the money equivalent of resources needed to access a good or service. Accessing a good or a service implies that one has to pay
(i) The cost of producing it
(ii) The profits expected by the producer as determined by market conditions for the same
(iii) The time and efforts required to purchase it.
Types of unemployment: Frictional Unemployment: -It refers to unemployment caused by changes in individual labour markets.This is the type of unemployment resulting from peop
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1. Nonwage Determinants of Labor Supply Suppose that two jobs are exactly the same except that one is performed in an air-conditioned workplace. How could you measure the value wor
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is economics a positive science
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if a commodity has limited demand , should economist say that we still have a scarcity ?
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