I am an economics teacher at senior secondary level
In an economy, the unlimited resources have to be utilized to satisfy the limited wants of the human beings.
Managerial economics requires the application of economics in making the complex business decisions.
The three economic problems, what to produce, how to produce and for whom to produce, have to be tackled by every individual.
The problem of what to produce involves the decision as to which goods are to be produced and as to what quantities of those goods should be produced.
The second basic economic problem of how to produce relates to the distribution of the national products between the members of the society.
Why is it unfair or meaningless to criticize a theory as “unrealistic?”
Can a nation’s comparative advantage change over time? What factors would make it change?
What is the difference between the CPIand the PPI?
What are diminishing marginal returns?
Would you expect the natural rate of unemployment to be roughly the same in different countries?
Summarize the two main principles of taxation.