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Definition of economics

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What is an opportunity cost and how does the idea relate to the definition of economics?

What are the differences between macroeconomics and microeconomics?

What are unemployment and inflation and how do these concepts relate to economic growth?

Reference no: EM131631660

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Business Economics Questions & Answers

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This document contains various important questions and their appropriate answers in the subject field of Economics.

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Draw the production possibility curve and a. Define consumer surplus and producer surplus.

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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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