Economics for Strategic Decision What is Economics? What is an economic model? W
ID: 1105930 • Letter: E
Question
Economics for Strategic Decision
What is Economics?
What is an economic model?
What are the functions of money?
What are the qualities of an asset that serves as money?
What is the optimal size of a firm?
What is marginal cost? What is marginal revenue?
What is the relationship between inflation and interest rates, within a national economy and among national economies?
What is Mercantilism? What is the Labor Theory of Value? What is the Theory of Marginal Value?
How is the market price of a good is determined?
What is a monopoly? How can one recognize the existence of a monopoly?
Explanation / Answer
What is Economics?
Study of allocation of resources to various economic activities that lead to production of goods, its distribution and consumption. It mainly focuses on how nations can use its limited resources to grow and develop.
What is an economic model?
A methodology where assumptions are made about the real world to demonstrate real market phenomena in a simplified manner
What are the functions of money?
They basically includes storage of value, medium of exchange and deferred payment and a unit of account.
What are the qualities of an asset that serves as money?
It should be readily available for sale and purchase and should be very liquid. It should be easy to carry
What is the optimal size of a firm?
That depends on many aspects, like production capacity, demand it faces. Generally it is the one where short run cost and long run average total costs are minimized.
What is marginal cost? What is marginal revenue?
MC is the additional cost resulting from production of additional output and MR is the additional revenue resulting from sale of additional output
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