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Economic Growth:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income. A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.Economic planning involves the conscious allocation of resources by the government to the various sectors of the economy to promote rapid economic growth. This is done through development plans. There are three dimensions to development planning namely: resources accumulation resource allocation and resource management.A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to know e.g. sex, age, educational and occupational backgrounds, religious affiliation, nationality, etc.
equilibrium price and output.
Wage Labour: A form of work in that employees perform labour for others, under their direction, in return for salaries orwages. Employer controls and owns the product of the labour
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
What is third degree price discrimination? Explain with case analysis,give two successful & unsuccessful cases of 3rd degree price discrimination.
functions of taxes
resonance effect
Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
Why Average Revenue= Marginal Revenue
Strictly give the diff. btw the theory of reciprocal demand & theory of comparative advantage
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