Two classes of Schumpeter’s dynamic evolution of economy? In his view, write down five combinations of the development?

Q: In Chapter 11, Tietenberg and Lewis note that market imperfections are a major cause of…

A: Meaning of Market Failure: The term market failure refers to the situation under which there…

Q: What can we learn from the Strength and Weaknesses of Malthusian Theory?

A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…

Q: All economic models are wrong. Yet, we study models in order to answer economic questions. Explain.

A: In economics, economic agents have to make rational choices so that the limited resources in the…

Q: Provide one example of a macro economic question, and one example of a micro economic question, and…

A: Macroeconomics: It is the wider concept then the microeconomics concept , that is if we consider the…

Q: Amagine you are the manager of a car dealership and you are trying to create an economic model to…

A: An economic model creates a similar situation for a firm in accordance to real life through which…

Q: Is the economic system self-equilibrating? Does Schumpeter agree?

A: As per classical economists economy is self correcting economy which depends on self adjusting…

Q: write on the role of complementarities in the process of economic development?

A: Economic development is the process that aims to improve the quality of one's life not just…

Q: Which of the following countries  do not experience scarcity?     A.) United States of America…

A: In economics, the word 'scarcity' refers to the limited availability of resources in an economy.

Q: What are the characteristics of a good economic model?

A: Characteristics of a good economic model: 1) The acquisition cost is low compared to the cash flow…

Q: Which of the following types of economy describes the economy of the SULTANATE OF OMAN? A ) Amarket…

A: Market Economy: In this economy, the production and prices are determined by the private ownership…

Q: Q) What are some economic opportunities and challenges for an ageing population? Can you show this…

A: A continuous increase in the median age of the population due to increasing life expectancy and…

Q: Who did John Maynard Keynes advise with his economic theory?

A: The macroeconomic economic theory of total expenditure in the economy and its consequences on…

Q: What is meant by economics

A: Economics is the study of all the factors related to production, distribution, and consumption of…

Q: The ability of an economy to produce greaterlevels of output per time period is calleda. positive…

A: Positive Economics is the one which is based on facts and values.  Normative Economics is the one…

Q: Some people might think that de-development is about giving things up. How does Hickel explain that…

A: Economic  development is the process through which the economic well-being and quality of life of a…

Q: The three fundamental economic questions are what to produce whom to produce and_________?

A: Generally considering an economic entrepreneur or agent there are three fundamental economic…

Q: What are John Maynard Keynes economic theory’s general principles?

A: The theories of John Maynard Keynes, called as Keynesian economics matters, base on the possibility…

Q: EUROPEAN ECONOMIC DEVELOPMENT - Which are the three features of the “Impossibility Trinity…

A: The policy trilemma, sometimes known as the "impossible trinity," is a set of trade-offs that a…

Q: Explain all three Circular flow economic models in one structure.  ?

A: An economic model is a simplified depiction of reality that enables economic action to be observed,…

Q: Would you expect the relative returns to primary education, on the one hand, and secondary and…

A: In an economy, it can be seen that primary education is mandatory for all people, while higher…

Q: What is the Strength of the Malthusian Theory?

A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…

Q: Discuss  A Self-Sufficient Economy

A: Economics is a social science which studies the efficient allocation of the scarce resources in the…

Q: After reading Hickel's article on the concept of de-development, answer the following questions in…

A: Answer in Step 2

Q: What does productivity growth has to do with economics?

A: One of the key sources of economic growth and competitiveness is the term called Productivity due to…

Q: what is Law of economy

A: The construction of a general truth based on specific observations or tests that traces out a causal…

Q: What can increase the standard of living in the Malthusian​ model?

A: Before the industrial revolution, the Malthusian economy was the economic system that characterised…

Q: Using a suitably labeled diagram, discuss the underlying relationship between the Economics System…

A: An economic system refers to a usual mechanism used by communities or governments to coordinate and…

Q: What are the advantages and disadvantages for a country to implement economic planning?

A: Since you have asked two questions, I am answering the first one for you. Economic planning refers…

Q: Which of the following is not an issue that economists are interested in microeconomics? Lütfen…

A: Microeconomics is a social science that investigates the consequences of incentives and actions,…

Q: Economy can be represented by economic models. One of the models we use to understand economy is a…

A:

Q: Can you help me provide a normative statement and an example of a positive statement from a recent…

A: The normative statement is the subjective statement in which valued judgment is passed on the…

Q: What is intertemporal choice? And how it is elaborated in economics?

A: Economics is the study of efficient allocation of resources. The resources are limited or scarce…

Q: With the aid of diagram, explain the economic concept of scarcity, efficiency and full employment…

A: The economic concept of scarcity, efficiency and the full employment and the trade off are the…

Q: economy not achieve multiple economic goals simultaneously?

A: Basic features of an economy are - 1) resources our scarce or limited  2) while wants are unlimited…

Q: What are the Strength and Weaknesses of Malthusian Theory?

A: Malthusian Theory This theory of population was given by British economist T. R. Malthus. This…

Q: Which of the following is not an “acronym” economy?

A: An acronym is a word shaped by contracting an expression by joining specific letters of words in the…

Q: Explain the central problem of “how to produce” in economics

A: According to the given question All the societies faces the economic problems in the country which…

Q: Which of these statements is not true? a. Macroeconomics addresses national economic issues b.…

A: In economics, economic agents have an important role in efficiently utilizing scarce resources so…

Q: How might a theory of the economy differ from a description of that economy.

A: The theory of the economy and the description of that economy affect each other. The theory of the…

Q: Using the Venn Diagram, compare and contrast the stages of Economic Development by Renee O’Farrel…

A: During an organisation's growth, even the most well-intentioned firms have times of upheaval. In…

Q: Why we study microeconomics ? Discuss the origins of macroeconomics . Also explain the reasons why…

A: In economic, micro and macro economics are the two main classification of the whole economic…

Q: Directions: Read the article below . Then , discuss how the economic program of the government…

A: Scarcity is an important term of economics. If the demand for goods and services is greater than the…

Q: How are John Maynard Keynes economic theories applied?

A: John Maynard Keynes was opposed to the beliefs of Adam Smith. According to Keynes, there should be…