What is the diamond-water paradox?
What will be an ideal response?
The diamond-water paradox is a paradox stating that (1) the things with the greatest value in use frequently have little or no value in exchange, and (2) the things with the greatest value in exchange often have little or no value in use.
Economics
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In the simple circular-flow diagram,
a. households own the factors of production. b. households buy all the goods and services that firms produce. c. land, labor, and capital flow from households to firms. d. All of the above are correct.
Economics
Define what is meant by a positive or direct relationship between two variables and describe the line graph depicting such a relationship
Please provide the best answer for the statement.
Economics