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Q. Describe about Capitalism?
Capitalism: An economic system in that privately-owned businesses and companies undertake most economic activity (with the goal of generating private profit) and most work is performed by employed workers who are paid salaries orwages.
Define the concept of cross elasticity of demand
the basics in micro economics
Balancing Needs and Resources planning is a balancing act. It involves the balancing of needs with resources towards set goals. Likewise, educational planning involves the bal
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How to solve questions of endowments?
Economic Ef ficiency The effort to making products and services in the least costly way without sacrificing excellence.
REAL VERSUS NOMINAL PRICES • Nominal price is a complete or current dollar price of a good or service when it is sold. • Real price is the price related to a combined me
Fiscal Policy Fiscal policy refers to the management of government spending and tax policies to influence total desired spending so as to achieve the desired level of economic
what is the significance of the Loucas critique in political economy?
Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
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