What is the first step in the feedback control system?

g In the theory of comparative advantage, a good should be produced in that nation where Multiple Choice the production possibil

Lady_Fox [76]

Answer:

its cost is least in terms of alternative goods that might otherwise be produced

Explanation:

Comparative Advantage

This is simply explained as when an individual has an opportunity cost of performing a task is lower than the other individuals opportunity cost that is it is more efficient. It is the usual fundamental basis for international trade. Its principle includes production at a maximum peak to be achieved if each individual focus on the job or activities for which his or her opportunity cost is lowest.

Opportunity Cost

This is simply known as the highest valued of an alternative that must be given up so as to be involved or engage in an activity/job or task. There are several sources of a comparative advantage. They includes;

1. Climate and natural resources

2. Relative abundance of labor and capital

3. Technology

4. External economies etc.

3 0

3 years ago

How are yall people i am bo red

lozanna [386]

Answer:

I'm sure everyone is ;) It's like... early in the morning.

Explanation:

7 0

3 years ago

Read 2 more answers

When Anastasia sells her Tesla common stock at the same time that Roman purchases the same amount of Tesla stock, Tesla receives

Ivenika [448]

Answer: Nothing

Explanation:

When Anastasia sells her Tesla common stock at the same time that Roman buys the same amount of Tesla stock, then Tesla will receive nothing.

Forur example, let's assume that Anastasia sells her Tesla common stock which was worth $2000 and Roman buys the same amount of Tesla stock, which was $2000. Then Tesla will get: $2000 - $2000 = 0. Therefore, the answer is nothing.

7 0

3 years ago

Earl was known for driving 30 miles just to save a dollar on the price of case of his favorite carbonated beverage. Earl perceiv

Marianna [84]

Answer:

Money Paid

Overall Sacrifice

Explanation:

The two major dimensions of pricing are Monetary and Non- Monetary pricing.

Monetary pricing is the liquid asset like cash that is spent to acquire goods and services while the non monetary are other costs apart from money like time , stress , distance that it costs to acquire an item .

The individual perception of pricing has a way of affecting its choice when it comes to purchasing.

Earl did not consider the cost of stress in travelling 30 miles in order to save a $1 in his purchase decision as his mindset is programmed to the price paid being the real price while most other customers considers the sacrifice involved before making a purchase decision.

3 0

4 years ago

Explaining short-run economic fluctuations

blagie [28]

Most economists believe that real economic variables and nominal economic variables behave independently of each other in the long run. For example, an increase in the money supply, a NOMINAL variable, will cause the price level, a NOMINAL variable, to increase but will have no long-run effect on the quantity of goods and services the economy can produce, a REAL variable. The distinction between real variables and nominal variables is known as CLASSICAL DICHOTOMY.

The vertical axis of the aggregate demand and aggregate supply model measures the overall PRICE LEVEL. The aggregate SUPPLY Curve shows the quantity of goods and services that firms produce and sell at each price level.

Explanation:

A nominal variable is a type of variable that is used to name, label or categorize particular attributes that are being measured.

It takes qualitative values representing different categories, and there is no intrinsic ordering of these categories.

The difference between nominal and real variables is the inflation rate. For example, the difference between the nominal interest rate and the real interest rate is the inflation rate.

Real variables are those where the effects of prices and/or inflation have been taken out. Nominal variables are those where the effects of inflation have not been controlled for. As a result, nominal but not real variables are affected by changes in prices and inflation

The classical dichotomy refers to the idea that real variables, like output and employment, are independent of monetary variables. In this view, the primary function of money is to act as a lubricant for the efficient production and exchange of commodities

The general price level is a hypothetical measure of overall prices for some set of goods and services in an economy or monetary union during a given interval normalized relative to some base set.

Aggregate supply, or AS, refers to the total quantity of output in other words, real GDP firms will produce and sell. The aggregate supply curve shows the total quantity of output real GDP that firms will produce and sell at each price level. The graph shows an upward sloping aggregate supply curve.

6 0

4 years ago