Explain the importance of economic planning to a country's economy. Describe the role of models in economic analysis? Why do economists use economic models when making predictions or assumptions about the econom
a. Briefly explain what technological change means for a firm. b. State the benefits of technological change in a firm. Discuss how changes in income, technology or other changes in the economic environment may lead to changes in the balance between public...
6, NO. 2 (SUMMER 2003)In our view, ABCT can be validly criticized as an ideal type on twogrounds:(1) The ideal type itself is constructed using unsound economic reasoning, sothat it is on its face incoherent; or(2) The theory is economically sound but irrelevant, as no actualcycles ...
Give an example of how the concept of opportunity costs relates to labor economics. Define opportunity cost of economic growth. Use a maximum of two sentences for your answer. With the help of a fully labelled diagram of the production poss...
Manufacturing is the general activity of products' production usually for sale or individual useable flow of general processes involving machines and labour. On the other hand, natural resource refers to the naturally occurring resources that can effectively be utilized for ...
Explain the relationship between pegged/fixed.Exchange Rates:Stable exchange rates are usually good for trade because they reduce FX risks of holding another currency. While this is true, exchange rates should also adjust to economic realities such as a recession in one nation but not the other....
According to many economists, trade restrictions are disastrous and lead to a decline in the overall efficiency of an economy. It is better explained in the economic model of comparative advantage. Natural barriers are the commonest in international trade and they ...
Answer to: Explain the Malthus theory concerning population in economic development. By signing up, you'll get thousands of step-by-step solutions...
How does the circular flow of wealth fit together as a whole process? Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts ...
b. What is the purpose of this model in the real world? c. How is efficiency shown on the PPF? d. What would cause a PPF to shift outwards? How is capital accumulation and economic growth describe in a production possibility frontier? In a Keynesian equilibrium...