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Q. What is Tradeable product?
Tradeable:A product (a service or good) is tradeable if its purchaser can purchase it far away from the place where it is produced. Most goods (other than perishable or extremely perishable products) are tradeable, and a number of services (like tourism and specialized business, financial and educational services) are also tradeable.
Q. Definition of labour force? Labour Force:Total population of working-age people who are willing and able to work and who thus have ‘entered' labour market. Labour force incl
Define and explain the following economic terms: Economics, Microeconomics & Macroeconomics Positive vs. Normative Economics Law of Diminishing Marginal Utility Opport
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Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
Graph the following example and answer the questions: The United States and Japan only produce two goods. They have the same fixed resources and they are equally efficient, and bo
Q. Explain Fixed Capital and Flat-Rate Tax? Fixed Capital: Realcapital which is installed permanently in a specific location, including infrastructure, buildings and major eq
Q. Explain abput Capitalist Class? Capitalist Class:Group of individuals (which represents just a couple of percent of population in advanced capitalist countries) which contro
Ask question #Minimu2. Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appra
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
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