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Describe the relation of money with wealth and income
It is very possible to have a high income but no money and no wealth, or to be very wealthy and have a lot of money but no income. This is another distinction to be careful with. Do not say that "Sam makes a lot of money" if you mean that Sam has a high income. Money has a very precise definition in economics!
A person chooses between leisure and consumption. All of their consumption comes from current income. The utility derived from any combination of leisure and consumption is given b
Explain the law of diminishing marginal returns using the example of a factory which is currently running at half capacity and employs more staff
Why do some countries have a high real per capita income? High standard of living within the industrialized nations consider to be largely because of the high productivity of
For you and other Mexican farmer-ranchers rice is a substitute good for corn as basic food stuff for human consumption. If the market price for feed corn and rice were the same bef
what is Y = C(Y,T) + G + I(r)
Q. Describe Supply and demand in macroeconomics? In microeconomics, we are careful to distinguish between demand, supply and observed quantity. The first two are hypothetical c
There are 4 main types of market economies. They are also called as Economic Systems. The four are Free Market, Mixed Market, Traditional and Command Economy
Sally's Silk Screning produces specialty T-shirts that are primarily sold at special events. She is trying to decide how many to produce for an upcoming event. During the event its
Macroeconomics: Question 1 and 2 relate to content and skills covered --- OPEN-MARKET MACROECONOMICS: BASIC CONCEPTS , International Trade and Exchange Rates Question 3 relates to
HOW CAN CENTRAL BANK INFLUENCE THE STABILITY OF THE BANKING SYSTEM?
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