what is state ? what is capital? i need clarification on this. according to mercantilism and...

what is state ? what is capital? i need clarification on this.

according to mercantilism and neoclassical economy

Expert Solution

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand. This determination is often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production, in accordance with rational choice theory

State, political organization of society, or the body politic, or, more narrowly, the institutions of government. The state is a form of human association distinguished from other social groups by its purpose, the establishment of order and security; its methods, the laws and their enforcement; its territory, the area of jurisdiction or geographic boundaries; and finally by its sovereignty.

Capital goods are man-made, durable items businesses use to produce goods and services. They include tools, buildings, vehicles, machinery, and equipment. ... Capital goods are one of the four factors of production. 1 The other three are: Natural resources, such as land, oil, and water.

Rahul Sunny answered 1 year ago

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