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Why is lord robbins definition the most acceptable definition of economics?
Wiki User
∙ 11y ago
It study Human behaviour "wants and scarcity"
Wiki User
∙ 11y ago
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Why is Lord Robbins definition of economics is the most acceptable?
It study Human behaviour "wants and scarcity"
Who discovered economics?
Lord Robbin
What was an economic reason for the institution of serfdom?
The answer differs depending on political and economic thought. Austrian economist would point out Nobel prize winner Frederick Hayek's work The Road to Serfdom. The main reason is the threat of force from others. In exchange for some security people take on the oppression of the lord. The Ludwig von Mises Institute has many free articles on the subject of economics and the relationship it has with economics.
Supply-side economics means?
Very basically supply-side economics is a view on the economy which differs from the norm i.e. Keynesian economics. The differences are complicated and numerous but one key one is the aggregate supply cure, that is that Keynes (lord john maynard keynes) drew the LRAS curve as a horizontal line with a curve upwards at the end (i.e full employment) that is that to achieve full employment inflation will be caused the closer you get. Where as supply-side economists such as Friedman draw the LRAS curve as perfectly inelastic (i.e. vertical) as they believe that the current level of employment is always the maximum as the unemployed are voluntarily unemployed because they are unwilling to work for a low enough wage. There are numerous other differences and the one i have briefly tried to outline is a very brief and just a small insight into the differences.
What are the scope of business economics?
Scope of Business Economics: 1. Consumer analysis focusing on demand 2. Production analysis 3. Equilibrium analysis focusing cost and revenue 4. Structure of markets and its imperfection 5. Pricing of products and services 6. Capital and profit management.
Why is Lord Robbins definition of economics is the most acceptable?
It study Human behaviour "wants and scarcity"
Why is Liond Robbins definition of Economics widely accepted?
why is professor[lord] Lionel C. Robbins definition of economics the most widely accepted
Who discovered economics?
Lord Robbin
What are the release dates for Acceptable TV - 2007 Lord of Phils 1-9?
Acceptable TV - 2007 Lord of Phils 1-9 was released on: USA: 13 April 2007
What is the definition of dominus vobiscum?
Lord be with you
What is the proper form of address with respect to an English viscount?
"My Lord" or "Your Lordship" are both acceptable.
What is the definition of the root word dominus?
A lord, Master
What is a simple definition of feudalism?
lord gives land to knight, knight protects the lord
What was the first movie in high definition?
Lord Fleance's Affairs
What would be a good definition for Jesus?
Lord and Saviour. Lamb of God.
What is the definition of gottenyu?
gottenyu means: DEAR GOD OR OH LORD
What actors and actresses appeared in Lord Slug - 2011?
The cast of Lord Slug - 2011 includes: Matt Engelhardt as Dorodabo Peter Robbins as Charlie Brown Christopher Robin Miller as Bubbles Kimlinh Tran as Chi-Chi
