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The Market Demand Curve Quantity of a commodity that an individual is willing to buy at a particular price of the commodity during a specific time period, given his money incom
Gold Although currently no country uses gold as its national currency, gold has a long history of use as commodity money and has almost universal acceptability. Gold is still
OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals. There are broadly two types of government policies viz; Microeco
Problem 1: (a) Distinguish between political and partisan monetary cycles on inflation and unemployment rates. (b) In the rule versus discretion literature, explain how dy
Individual and market demand schedule The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Su
What is economics of information
howw much should the firm produce to maximize its profits
CENTRAL BANK A modern central bank performs so many functions of different nature that it is difficult to give any brief yet accurate definition of a central bank. Any definiti
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
Types of Income Elasticity of demand Depending upon the product, demand might increase or decrease in response to a rise in income. There are thus five types of income Elasti
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