"Economics deals with human needs." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. The concept of needs is difficult to define objectively for each person, so that economists consider people's unlimited wants instead of their needs.
Economics
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Automatic stabilizers are, therefore, inseparable from cyclical budget imbalances
What will be an ideal response?
Economics
A local monopoly is a firm that:
a. is the sole supplier of a good, without substitutes, in a specific geographic area. b. is one of the suppliers of a good in a specific geographic area. c. supplies all the products needed by consumers in a country. d. produces to meet the requirement of only one consumer. e. is one of the suppliers of a good that has a lot of substitutes, in a specific geographic area.
Economics