Economics of Enterprise Answers

Types of econmy

Define ecomomy 2 types of economy institution 3 functions economy institution 4 importance economy imstitution 5 Describtion and types of somali economy

The purpose of economics is to provide a way to think. Economic thinking and decision-making recognize that because of scarcity something cannot be obtained without giving up something else. Consequently, we must make our decisions by comparing the costs and benefits and evaluating the tradeoffs. In doing so, five principles of economic thought come into play: tradeoffs, incentives, opportunity costs, marginal thinking, and voluntary exchange. Explain with a specific example of each how you apply these five principles of economic thought in your everyday life.

What unintended consequences might result from the decision of a government to invest heavily in automation?

The purpose of economics is to provide a way to think. Economic thinking and decision-making recognize that because of scarcity something cannot be obtained without giving up something else. Consequently, we must make our decisions by comparing the costs and benefits and evaluating the tradeoffs. In doing so, five principles of economic thought come into play: tradeoffs, incentives, opportunity costs, marginal thinking, and voluntary exchange. Explain with a specific example of each how you apply these five principles of economic thought in your everyday life

which terms describe costs that are incurred regardless of a firm’s rate of production?

(a) How does international trade theory help to explain the existence and benefits of regional trade agreements?
(b) How might the use of a single currency within a regional trade area help with the economic growth of that area?

Which of the following is true about utility
A-average utility is always positive
B-marginal utility is always positive

A first step to beginning a savings program would most likely be to