Four. Questions and answers 1. answer: "externality" means that the behavior of an economic entity has brought certain effects to others, and has not been included in the transaction price. There are two kinds of positive externalities and negative externalities. Externality is not conducive to ...
As an entrepreneur and as an economic agent, there are three basic economic questions you should ask when deciding how to allocate scarce resources Economics is, essentially, the science of decision making. As an entrepreneur and as an economic agent, there are three basic economic questions you...
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Identify and explain the three basic economic questions that must be answered by any economic system. What is VMPL in economics? Explain the main concepts of income in economics. What are some practical applications of economic theories, not just theoretically but those that are useful c...
Chapter2BasicEconomicProblem1.Scarcity2.Choiceandopportunitycost3.EconomicsystemsBasiclogicofthissection(1)•Economicbasicproblem:theresourc..
Economics: Chapter 2: Economic Systems and Decision Making How do economic systems answer your basic economic questions? Economics Economic Systems. What is an Economic System? The way in which a nation uses its economic resources to satisfy peoples wants and needs. Each. ...
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1 In the basic economic order quantity (EOQ) model, if monthly demand is a constant 460 units, the order quantity is 168 (14 dozen), and the firm operates during 50 weeks and five-day week per year, the cycle time will be approximately :...
…We analyze a wide range of individual and household responses to lottery winnings and explore the economic implications of these responses for a number of key questions. …our analyses are based on a population-level panel data set which is constructed by combining the universe of worker tax ...
World History Questions and Answers 1. In which year did World War I begin? A. 1923 B. 1914 C. 1938 D. 1917 Correct Answer B. 1914 Explanation World War I began in 1914. This was a global conflict that started with the assassination of Archduke Franz Ferdinand of Austria-Hungary in Ju...