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Explain the term economic efficiency?
Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and services. When economy is producing its needed amount of goods and services by utilizing all of its resources, then the economy is considered to be an efficient economy.
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What is the difference between change in quantity demanded and change in demand
The government has undertaken a highway bridge project that was originally projected to cost $2 million and provide benefits of $2.5 million. Unfortunately, the costs have been mu
Modem theories of trade
Xd(Px)=5000-100Px
state 3 major assumptions which a production posibility is based
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
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what is market economy and how it solve the central problem
The prevention of major swings in economic activity can be handled most easily by the
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