-What is the principle of subsidiarity? -What is the principle of correspondence? -What is economies of...

-What is the principle of subsidiarity?

-What is the principle of correspondence?

-What is economies of scale?

Expert Solution

1.The principle of subsidiarity states that a larger or greater body should not exercise the authority function if it can be carried out by smaller and lesser one efficiently for e.g. central government need not have to take all the decisions if it can be performed by the local government i.e government has to interfere only if it is beyond individual control.

2.The principle of correspondance is a concept in quantum theory and relativityi.e the fact that determining the stability of an economic equilbrium corresponds to deriving results in comparitive statistics,it emphazises the importance of dynamic properties

3.Economies of scale refers to the cost advantage incured by the firm when it increases its level of output for eg when a company buys so much of a product it can reduce its per unit costs this arises due to the inverse relationship between per-unit fixed cost and quantity produced

Rahul Sunny answered 2 years ago

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