Question
Basil wishes to start a landscaping company, selling plants and landscaping services to new residents of New England Manor, a subdivision that is developing south
Basil wishes to start a landscaping company, selling plants and landscaping services to new residents of New England Manor, a subdivision that is developing south of Tampa, Florida.
- What types of resources are available for the firm to hire? Give examples of each type of resource.
- How are the prices of the resources determined?
- Basil can employ several workers to dig the necessary holes and ditches on his clients' land or purchase a single specialized back-hoe and hire only one operator to dig these holes and ditches. Explain how he should make his decision.
- How is the "product flow" from Basil's company converted to the "money flow" in the Circular Flow Model
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
