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National Institute of Business Management
Chennai
- 020
FIRST
SEMESTER EMBA/ MBA
Principles of Economics
Attend any 4 questions. Each question carries 25 marks
(Each answer should be of minimum 2 pages / of 300 words)
Question. 1. Discuss Capitalist Economy.
Answer: Capitalism is an
economic system based on private ownership of the means of production and their
operation for profit. Characteristics central to capitalism include private
property, capital accumulation, wage labor, voluntary exchange, a price system,
and competitive markets. In a capitalist market economy, decision-making and
investment are determined by the owners of the factors of production in
financial and capital markets, and prices and the distribution of goods are
mainly determined by competition in the market.
Economists, political economists,
and historians have
Question. 2. How is Economics useful, describe its importance?
Answer: Economists can
advise governments how to manage the economy and avoid problems such as
inflation and unemployment. Both inflation and mass unemployment can be
devastating for society. Economists argue that both can be avoided through
careful economic policies. For example:
Policies to reduce unemployment
Policies to reduce inflation
Question. 3. For whom are the goods produced?Explain.
Answer: In order to meet
the needs of its people, every society must answer three basic economic
questions:
·
What should we produce?
·
How should we produce it?
·
For whom should we produce it?
A society (or country) might
decide to produce candy or cars, computers or combat boots. The goods might be
produced by unskilled workers in privately owned
Question. 4. What are the different methods of measuring elasticity of
demand? Explain.
Answer: Price elasticity
of demand is a measure of the degree of change in demand of a commodity to the
change in price of that commodity.
In other words, price elasticity
of demand is the rate of change in quantity demanded in response to the change
in the price. It is often referred to as ‘price elasticity’ and is denoted by
Ep or PED.
Methods of Measuring Price
Elasticity of Demand
There are basically four ways by
which we can
a result of using different
Question. 5. Explain the factors governing price elasticity of demand.
Answer:
Question. 6. Explain the features of a Capitalist Economy.
Answer:
25 x 4=100 marks
Dear students get fully solved
assignments
Send your semester &
Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
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