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Define injections and withdrawals.
"The inflows in circular flow of income are known as injections". Investment, government spending and exports are there in injections "The outflows in circular flow of income are known as withdrawals". Savings, imports and taxes are included in withdrawals.
True public goods are those goods which can't be provided to one group of consumers, without being provided to any other consumers who desire them. Thus they are "non-excludable."
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what are the practical importance of income elasticity of demand?
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