Economics studies how social systems allocate and use scarce resources. The field of economics was founded by Adam Smith, an 18th-century Scottish philosopher, who identified the way that supply and demand operated and negotiated with one another through signals indicated by prices....
9. I think doctors like House cling to objectivity like a three-year-old to a blanket. Don't get too worked up. Stay calm. Stay cool and maintain the correct perspective. The only flaw in their argument is that when you have millions of people dying, the correct perspective is to be ...
we have been able to increase greatly the efficiency of our work force.New machines and new methods have helped cut down time and expense while increasing overall output.This has meant more production and a higher standard of living.For most of the ordinary people,modern technology is thought o...
What is paper made ( Example: 0 )? When we 1 books or newspapers, we seldom stop and think about the things 2 to make them 3 paper our lives would be very different. Paper is one of 4 important inventions(发明) of all time. The people in Egypt(埃及) first used a kind ofgrass-...
Scarce means that the money supply does not change quickly, since a rapid change in supply would devalue existing units. Utility means that the money is intrinsically desirable in some way; it can be consumed or has aesthetic value, for example. Summing those attributes together, money is the...
is best usedexactly as found in the field; there is no need to break it up or process it any further. In contrast, a potter’s kiln is an expensive item and can take up to four or five hours to get up to 800 degrees. It needs expensive scarce fuel, such as gas or wood to ...
What is meant by 'financial risk'? View Solution What are the functions of a financial market? or 'Financial market plays an important role in the allocation of scarce resources in an economy by performing various functions'. Explain any three functions of financial market. ...
Whenever “renewable” is used in this way, the reality of what is meant is “infrastructure for generating electricity from renewable sources” and infrastructure is not renewable. Even if most is recycled, that recycling uses non-renewable resources and consumes some of the energy, and since 10...
A salary structure is a compensation program for work done in the form of wages. Salary structures aim to ensure performance reward and skills development on a competitive basis. Pay grade is one form of salary structures. Answer and Explanation:1 ...
because gold was a scarce resource, and rapidly growing economies growing couldn't always mine enough to back their currency supply requirements.3For a booming economy, the need for gold to give money value is extremely inefficient, especially when its value is really created by people's ...