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Why is the concept of scarcity relevant to both LDC s and MDC s?
All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be met. Suppose that wants are endless but that economic resources are scarce means that all economies will have to contract with the issue of scarcity, i.e. that all needs simply cannot be fulfilled and that choices will have to be made.
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
Borrowings: The widening fiscal gap led to a steep rise in the outstanding liabilities of the Central Government. The outstanding domestic debt of the Central Government as a
describe who gets hurt in a recession, and how.
What are the income and cross elasticities of demand? Why might they be useful? Explain.
Discuss two factors that would increase demand for labortion..
Reasons for International Trade?
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
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