Economic Questions Essay - 645 Words

Economic Questions â€Å"Why would a developing nation answer the three basic economic questions differently than a country like the United States?† There are three basic economic questions that each and every society must answer to. The way that the society answers to these questions shape and define their economic system. The first economic question that they must answer to is â€Å"What Goods and Services Should We Produce?† The second question is â€Å"How Should We Produce Goods and Services?† The final question that a society must answer to is â€Å"For Whom Should We Produce Goods and Services?† Every society will most likely answer differently to each of these questions. The question asked was â€Å"Why would a†¦show more content†¦They must also decide how many or how much of the goods and services they should produce. Before technology people planted their crops, but now nations may not be able to afford the advancements to produce the goods and services that they have decided upon. Now-a-days computers and technology have now again revolutionized manufacturing. Again if the products and services and require these types of manufacturing items it’ll be had since the have a poor economy. The third and final question asked was â€Å"For whom should we produce goods and services?† As you now we are all consumers in this world. Resources are limited, and so are goods and services. Depending upon a person’s wealth, affects the outcome of what type of goods and services they can receive. In a developing nation, just like economy, the people are also poor. If the goods produced are a necessity to the people, they won’t be able to afford them, and they will turn to their government. Depending on the amount of people who need these goods or services may leave a financial toll on the government. Since the U.S has many resources that are almost limitless they don’t have all of these things to worry about. Every day we produce lots of goods and products. There are poor families, but we still manage to get by. WeShow MoreRelate dEconomics Question Bank772 Words   |  4 PagesVelammal Institute of Technology Department of Computer Science and Engineering MG2452- Engineering Economics and Financial Accounting Question Bank Part A: 1. Define economics 2. Define managerial economics. 3. Define micro economics 4. Define macroeconomics 5. Differentiate micro and macroeconomics 6. Draw economic circle. 7. State the subject matter of economics. 8. What is scarcity? 9. What is firm? 10. What are the objectives of firm? 11. What areRead MoreQuestions And Answers On Economics And Economics : Questions On The Financial Market1030 Words   |  5 Pagesyear.† She also notes that 2.1 million is roughly twice as much as normal. Wages aren’t going up fast enough and this changes the work environment. Long quote’s Sharon Stark that wage growth is 2.5% per year where it should be 4% per year given the economic conditions. These three concerns are well founded as they should equalize before we deem the labor market restored. It’s not perfect, but it’s better than it was. d) How is it possible that challenges remain in the labor market despite a relativelyRead MoreBasic Economic Questions3060 Words   |  13 PagesEconomics questions Top of Form [pic][pic][pic] 1. Scarcity: [pic]A) exists because resources are unlimited while human wants are limited. [pic]B) means we are unable to have as much as we would like to have. [pic]C) will likely be eliminated as technology continues to expand. [pic]D) is not an issue addressed in economics. 2. Which of the following is true of resources? [pic]A) Resources are inputs used to produce goods and services. [pic]B) Labor is the mental and physical capacityRead MoreQuestions for Naked Economics669 Words   |  3 PagesREAD: Naked Economics: Undressing the Dismal Science, Charles Wheeland, W.W. Norton, 2003. Completely- cover to cover. Directions: Create a time management plan for your reading schedule to ensure you have ample time to read the book. Set due dates for each chapter and each part of the assignment. Review your schedule with a parent or guardian. Expectations: Work must be typed, 12 point font, double-spaced. Label each section appropriately with each number. Please check your work for completeRead MoreQuestions On The Economic Terms Essay1972 Words   |  8 Pages1.1 Explain key economic terms. Scarcity Is mainly making a choice. We would have to make a trade -off by giving up on one thing and getting another such as you choose to buy a new car over a new phone. Tanstaafl is the sum up word for both the definition of scarcity/opportunity cost. If the goods and resources are scares then there is nothing free simply requires us giving up on one thing to get our hands on the other. Micro economics is concerned with decision making on a small scale such asRead MoreManagerial Economics : Assignment Questions1409 Words   |  6 Pages Managerial Economics: Assignment 5 Andrew Amason BUS 640: Managerial Economics (NAI1629A) Dr. Neal Johnson August 15, 2016â€Æ' Problem 1: Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choose what kinds of non-toxic, all-natural products they d like to use and get them in a bundle. Families can choose all kinds of products from food to hygiene necessities and cleaningRead MoreHealth Economics And Policy Questions2412 Words   |  10 Pages Health Economics and Policy Coursework Question 2 SN: 13026885 a) w=  £62,500 U= √w 50% chance of medical problem Costs of  £4,900 We can derive this individual’s expected wealth if we multiply the probability of each outcome with the associated costs. E(w) = 0.5 *  £62,500 + 0.5 * ( £62,500 -  £4,900) E(w) = 0.5 *  £62,500 + 0.5 *  £57,600 E(w) =  £60,050 To find out what level of utility will this individual’s expected wealth yield, we simply have to put the value of the E(w) in the utilityRead MoreManagerial Questions On Managerial Economics1736 Words   |  7 Pages MANAGERIAL ECONOMICS MANDIP SINGH SETHI K1300050 TABLE OF CONTENTS INTRODUCTION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 TYPES OF DISECONOMIES†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5 DECENTRALIZATION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 CONCLUSION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..7 REFERENCE†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.8 What are managerial diseconomies of scale and what, if anything, can be done about this phenomenon? DecreasingRead MoreQuestions On Transaction Cost Economics1526 Words   |  7 Pages2.1. Transaction cost economics Unlike the production costs, which reflect the transformation of inputs into outputs, transaction costs refer to the costs of carrying out any exchange, whether between firms in a marketplace or a transfer of resources between stages in a vertically integrated firm (Basu, 2014; Hobbs, 1996). In terms of effect, transaction costs can be divided into three categories: information costs, negotiation costs, and monitoring (or enforcement) costs (Hobbs, 1996). SpecificallyRead MoreBusiness Economics: Questions and Answers968 Words   |  4 Pagesconsolidated financial statements is restricted to the amount by which the cost of the investment is more or less than the book value of the net assets acquired. Noncontrolling interest in net assets is unaffected by such writeups or writedowns. The economic unit concept supports the writeup or writedown of the net assets of the subsidiary by an amount equal to the entire difference between the fair value and the book value of the net assets on the date of acquisition. In this case, noncontrolling interest