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Practical limits on spending. You have enough money to buy one or the other, but not both.
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When economist refer to a products usefulness they use the term?
Utility
How do economists use the phrase guns or butter?
Guns or butter means in short a country that decides to produce mor military goods. (Guns). has fewer resources to devote to consumer goods. (Butter) and vice versa
Why do Economist use the term demand to refer to what?
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
What do economist's use?
I don't know dude
What is the difference between consumption and government purchases?
In macroeconomics, GDP is defined as: Consumption+Investments+Government Purchases+Imports-Exports. This is the "guns versus butter" debate: every dollar the government spends on buying guns (or on government salary, buying pens for government use, etc) is one less dollar available for private consumption of butter. Though technically, since investment is also there, you could make it guns versus butter versus cows.
What does the Economic Concept of Guns or Butter mean?
The concept basically explains why the government prefer guns over "butter". Butter in this sense is the cilivan goods society needs. Take Britain for an example, the reason why they have one of the best ecomonies in the world is because they use more money on cilivan goods then defense because America is paying the defense (using what money we own from the national debt)
What does economic concept of guns or butter mean?
The concept basically explains why the government prefer guns over "butter". Butter in this sense is the cilivan goods society needs. Take Britain for an example, the reason why they have one of the best ecomonies in the world is because they use more money on cilivan goods then defense because America is paying the defense (using what money we own from the national debt)
How does an economist use math in his or her work?
yes economist use math and statistics in their work. An economist uses calculus to do optimization problems and this requires a strong back ground in calculus, linear algebra is also useful for time series analysis and forecasting. So math plays a pivotal role in an economist's work.
Can miis use guns?
There are no guns in the mii channel and cannot use guns to kill.
What type of guns did they use for genocide?
what type of guns did they use for genocide
Do the UN use guns?
Countries that are members of the UN use guns.
What guns did the Texas rangers use?
guns
