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Social cost:
Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s resources to produce a given commodity implies sacrificing the production of some other commodities. This is termed the opportunity cost of production. The social cost of production is normally stated in terms of marginal social cost, which simply means the increment in total cost of the entire society. It must be borne in mind that the social cost of production may be higher than private cost because other consequential effects of productive activities are considered (examples are water and air pollution, environmental degradation, etc). For example, a mining firm may degrade the environment in course of its production activities.
Money: Broadly speaking, money is anything which can be used as a means of payment (for instance, to settle a debt). It includes bank deposits, actual currency, credit cards and li
What is an index number?compile a chart of the types of consumer price index numbers showing-the agency who prepares it,index formula,target group,groups of items covered and the w
Question 1: i) Elaborate on the different types of price discrimination that a monopolist may use and what are the required preconditions for its application? ii) What dete
what are the majotr sources of monopoly
what are the solutions to cost push inflation
exams?
trend and structure of national income in nigeria
Differentiate between firm and industry. A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways
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You should find two articles, of which one should report on changes that make farming more productive (more food per acre, hour or other unit of inputs), and another about changes
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