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I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
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what are the 4 biggest problems of the economy due to scarcity?
any idea for Limited resources mean that there is a problem of scarcity. How scarcity is related to the concept of opportunity costs? Using appropriate examples from the hospitality industry, discuss the opportunity cost involved in using particular resources for tourism use.
Due to limited resources there is problem of scarcity. A resource may be used for many purpose. For example land may be used for housing, farming ,industry etc.
If we use it for one purpose we should left others, It is opportunity cost. means to say if we use any resource for one specific benefit we have to leave second best benefit. This is opportunity cost of that resource. If there is limited land in special hill town. If it is tourist play, land may be used for building hotels etc. It can also be used to make up a factory. If your use it for hotels you can’t make factory. This is opportunity cost of building hotels.
what are the main heads of govt revenue and govt expenditure if expenditure of govt revenue more than income of the govt?From where the govt bear the expenditure
what does economics means and what’s the advantages and disadvantages of the economics?
Mr Khalid
Every subject gives us knowledge to special area of human use which can help us to make our life better. Medical helps us making our health better. Physics and Chemistry helps us to get better technology and for knowing the reality of our universe. Knowledge is really very helpful to human life. Even when human being came to know about fire, it was also a knowledge which changed our life.
Similarly economics is study of all economic activities which may be physical or psychological. This study gives us knowledge which can increase economic value in world. This economic value is utility which satisfy our needs and gives us happiness. So object of economics is to make our life more happy.
Main difference between economics and spirituality is that economics makes us happy by increasing utilities to fulfill our sanctification but spirituality does gives us utility , it changes or remove our needs.
Thanks
Do you think taxes have a greater role to play than by just financing the state activities? Support your answer with real world example.
Financing the state in democratic country means your are financing general public. In democratic country govt can spend same amount on welfare of society.
Army save our country. Police controls domestic crime. Pensions, medical and education facilities are being gotten by general public. Tax saves capitalism. Any liberal county where govt does not participate in economic activity except law and order , Marxism would surely be a good alternative to that economy.
Although some govts do not make proper use of tax funds. Corruption and misuse are big problems in these economies.
can a president of a country prints money of that country and convert them into foreign currency making a profit for himself leaving the country with inflation and if i exchange foreign currency for domestic currency and the amount of domestic currency is less to exchange the foreign currency units into the amount of domestic currency units according to the exchange rate then what is the solution to this?