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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?
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
Law of conservation of mass was proposed by Lavoisier & verified by Landolt. According to Law of conservation of mass law Matter is neither created nor destroyed in the course of c
Pensions: Pension benefits are paid to individuals who have retired from active employment, in order to support themselves in last years of their lives. Pension programs can be spo
Ask quesThe market demand for brand X has been estimated as Qx = 1,500 - 3Px - 0.05I - 2.5Py + 7.5Pz where Px is the price of brand X, I is per-capita income, Py is the price of
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Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
AskPharmaceutical companies can expect to earn large profits from blockbuster drugs (for high blood pressure, depression, ulcers, allergies, sexual dysfunction) while under patent
Organic biochemistry is really as well as biochemistry. This is because the as well as atom is the central source of all existing creature's substances. 8 protons and 8 electro
Rule of Thumb Method Sir Ashby had been requested in 1960 by the Government of Nigeria to submit a report on manpower development in Nigeria. In doing so, in the absence of re
I need help on MCQs on international trade and imperfect competetion
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