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How do economists differ from accountants in the use of the term profit ? Definition of rev and accounting costs Explanation/outline of opportunity costs, for example
Why is the growth rate and significant for development? The rate of economic development is the percentage increase within real GDP over twelve months. • The higher rate of
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with a water park going in town. What kind of externality is this?
Assume Mr. Robinson deposits pounds 600 in currency at a bank. Later that day Ms. Volker borrows pounds 1200 from the similar bank. The money supply will have enhanced by pounds 60
What is meant by the term value tree? Value Tree: A value tree gradually decomposes the overall objectives of a project within more exact objectives which can be agreed through
How can external trade promote economic development and growth? International trade permits increased specialisation than higher output permits economies of scale. • A big m
BALANCE OF PAYMENTS: The record of all transactions (trade and financial) of the residents of one country with the rest of the world is Balance of Payments (BoP). The directio
What is the fixed cost
In a model where a continuum of individuals have preferences for consumption and leisure as follows w i = c i + ln(x i ) and individuals differ in their labour endowments e
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