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Disguised unemployment Situation where some people are employed apparently, but if they are withdrawn form this job, total production remains the same. In most developing coun
The nature and function of money The development of money was necessitated by specialization and exchange. Money was needed to overcome the shortcomings and frustrations of t
Advertising expenditure must remain the same If advertising expenditure of a firm increases, consumers may be tempted to buy more of its product. Hence the advertising expendit
What are the tools of factor markets and the distribution of income? Tools of factor markets and the distribution of income: a. Factor distribution of income b. Marginal
Q. Explain Discrete-event simulation? Discrete-event simulation: Operation of a system is signified as a chronological sequence of events. Every event take place at an instan
NATIONAL INCOME ACCOUNTING This refers to the measuring of the total flow of output (goods and services) and of the total flow of inputs (factors of production) that pass thro
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assumptions and limitations
The optimum output and price level is always determined with the concepts of revenue and costs-the difference in joint or independent production will show in the differences in cos
Theories associated with different market structures A firms profit maximising output decisions take into account the market structure under that they operate. There are 4 type
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