#economic teory and practise, Microeconomics

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how does economics bridge the gap between economic teory and practise

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What are the three approaches to measuring GDP? The three approaches are: a)  The production approach, b)  The spending approach and c)  The income approach.

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Wealth: This is a stock of accumulated purchasing power stored up from the past. For example, if you have a fat savings account accumulated from your past earnings, your curre

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Allocative efficiency criteria are satisfied by the competitive model.  Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec

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