What are Direct Materials?

Q: What would be another example of a “system” in the real world that could serve as a metaphor for…

A: Economics is a social science subject. Understanding the subject gives a  brief idea regarding how…

Q: If a producer is producing at point z and wants to move to point X, then what is the trade-off?

A: A production possibility curve is defined as that curve which shows different quantities of two…

Q: What explains why millions of economic resources tend to get arranged logically and productively…

A: The production is the process of transforming the resources into final goods and services that…

Q: What is the difference between Theoretical and Applied Research?

A: Research can either be theoretical or applied.

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: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: What is an incremental benefit-cost ratio?

A: An incremental benefit-cost ratio is a type of benefit-cost analysis that helps to understand the…

Q: Describe the straight-line method?

A: According to the straight-line method of depreciation, the equal amount of depreciation is allocated…

Q: How would an economist define the efficient amount of time studying?

A: Marginal cost (MC): The marginal cost refers to the amount of additional costs incurred in the…

Q: What are the characteristics of factors of production Only three characteristics

A: According to the given question The factors of production are also known as the productive resources…

Q: Give one example of external economics of scale?

A: According to the given question Simply we can state that the external economy are those economies…

Q: Building massively dispersed data environments entails what kind of trade-offs?

A: A tradeoff is a scenario in which selecting one decision entails giving up something else, either a…

Q: Just-in-time was inspired by observing: A Farm working harvesting crops B Sewers making garments An…

A:

Q: In a sentence, describe the meaning of the phrase “invisible hand.”

A: The concept of the invisible hand was brought by economist Adam Smith in his book "the wealth of…

Q: what is entrepreneur? in your own words essay

A:

Q: From where concept of economic planning is derived?

A: Economic Planning is the process in which the limited natural resources are used skillfully so as to…

Q: Why do marginal costs tend to rise, and marginal benefits tend to fall

A: Marginal cost is the addition cost which is incurred for producing an additional output.  Marginal…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: What mix of inputs should be used to produce a given level of output?

A: The production function refers to the function that determines the maximum quantity of output that…

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: What are the major learning outcomes from studying macroeconomics course?

A: Macroeconomics is a feild of study that deals with economy as a whole. It basically deals with…

Q: Can you give an example of cost-savings?

A: Answer: Cost reduction is a continuous process of implementing various ways to bring a reduction in…

Q: What is sweetens opportunity cost of manufacturing 1 million cars per year?

A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…

Q: what is cost

A: Factors of production is consists of land, labor and technology.

Q: What is cost ?differentiate between money and the real cost in economics

A: According to the given question In simple words we can say that cost in economics is considered as a…

Q: What would be the solution?

A: TFC = TC at 0 level of Output TC = TVC + TFC AVC = TVC/Output

Q: Explain the concept of the invisible hand that was created by Adam Smith.

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: The term scarcity in economics refers to the fact that??

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: What are the aims of science as a cognitive enterprise?

A: The philosophy of science is the study of science as a cognitive enterprise, i,e; a knowledge…

Q: What is Baxter's law?

A: Monopoly happens once there's only one trafficker within the market. The monopoly case is taken into…

Q: What solution did Malthus propose for the problems he identified

A: Thomas Malthus was an economist and philosopher of the 18th century and mostly known for the model…

Q: Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products…

A: A market is a place where the buyers and the sellers meet and interact with each other through…

Q: What are the goals of economic engineering?

A: Engineering economics is a part of economics that deals with the use and application of economics…

Q: What made Jose Rizal become a mason?

A: José Rizal is regarded as one of the Philippines' most illustrious figures. He was a political…

Q: What is the difference between micro and macro economics?

A: Economics is being divided into two categories namely microeconomics and macroeconomics.…

Q: Characterize the different factors of production by identifying their roles in the production…

A: In financial frameworks, the responsibility for of production is thought to be with families, who…

Q: Discuss the factors of production and how it can be accessed.

A: Factors of production are important for carrying out business activities and for overall economic…

Q: What is the importance of the phrase "Invisible hand" Introduced by Adam Smith in his book "The…

A: The distribution of resources emerges as a challenge to a society that is resources in a finite…

Q: How do constraints affect decision making?

A: A type of external constraint is economic constraints. An external constraint is a factor in the…

Q: What are the wants and constraints of those involved?

A: Wants is something that is desired and it is unlimited.  Wants can be satisfied by consuming goods…

Q: What are the major course learning outcomes from studying a microeconomics course?

A: Microeconomics is the discipline of economics that investigates the economy on individual and…