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Define and explain the following economic terms:
Economics, Microeconomics & Macroeconomics
Positive vs. Normative Economics
Law of Diminishing Marginal Utility
Opportunity Cost &Ceteris Paribus
Factors of Production, Efficiency and Equity
Law of Demand & Law of Supply
Demand vs. Quantity Demanded
Supply vs. Quantity Supplied
Use the graph to answer the following questions. All labels have been removed, but you can assume that the supply and demand curves are the same ones that we have been working with for most of the semester, you can also assume that the axis are the ones that we typically have used (price is in dollars and quantity is in thousands).
Question 1: (a) Discuss the adjustment to an increase in demand for a perfectly competitive market in the: (i) Short run (ii) Long run (b) How would the same industry
Entrepreneur: The entrepreneur or enterprise is a special factor of production that is in charge of the organization of the other three factors of production (land, labour and
Fiat money is what is regular in modern economic systems. Fiat money is money that is described as legal tender by either a government or some organization with the authority to e
Q. What do you meant by Deficit? Deficit: When a business, government or household spends more in a given period of time than they generate in income, they suffer a deficit. A
Describe stabilisation policies as by the International Monetary Fund (IMF). Define stabilisation policies as basically a list of demands set forward by the IMF to a debtor nat
the full detailed of market structure their characteristic ,sources with clear explanation
give me three exceptional supply curves
Suppose Dlamini has R5 000 to spend on trousers and shirts. The price of trousers is R500 each and that of shirts is R312.50 each. 6.1 Use the information and calculate consumer eq
what are the properties of cost function
In theory, we know that a monopolist basis its price directly off of the demand curve, but in practice a monopolist cannot ''see'' the demand curve. Explain how a monopolist might
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