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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?
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
Q. Explain about Natural Monopoly? Natural Monopoly: In some industries, economies of scale are so strong that it makes most economic sense for there to be just one supplier. T
Why is the goal of stability and security important to many people? What problems typically emerge during periods of instability? The instability over the business cycle can b
what are the concept of opportunity cost
I would tend to think that a 5% per year goal is more reasonable. Smaller incremental goals always appear to be more attainable, while more radical goals may actually be more diffi
Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
The marginal benefit of a refrigerant in a production process (the producer's willingness to pay for its use) is 100-5Q. The marginal damage from the use of the refrigerant on the
FOREIGN TRADE: Interdependence between the economies of the world has increased multifold. External sector in the economy has gained primeimportance. Both exports and imports
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What is the Macroeconomics? Macroeconomics is study about the aggregate behavior of the economy like how the actions of all the individuals and firms within the economy intera
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