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Economics; Different Perspective
? Economics is the knowledge of the choices taken by people who are faced with scarcity.
? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.
Society’s Choices
? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:
1. What products do we manufacture?
2. How do we manufacture these products?
3. Who consumes or intakes the products?
How do you calculate marginal revenue, and monopolistic profit?
Theories and Models ?? Microeconomic Analysis – Theories are taken in use to describe the observed phenomena in terms of a set of essential rules and
where does stage 1 end?
Production having Two Outputs -Economies of Scope * Economies of scope exist when joint output of a single firm is greater than the output which could be achieved by two diffe
Conditionality: International financial institutions (such as World Bank andInternational Monetary Fund) usually attach strong conditions to emergency loans they make to developing
explain diagramatically Bain''s limit pricing mode
Q. What do you mean by Benefits? The benefit of a project, policy or programme is the positive, expected aspect of an outcome, including the improvement in environmental qualit
Aggregate Demand When referred to in the circumstance of GNP or GDP, aggregate demand dealings the sum of what is spent by various parties in the United States for product and
edge worthmodel
The very name of this market type suggests that it is a combination of the monopoly and competitive firms. The characteristics of such a market are: 1. There exists large n
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