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Explain the term Laissez-Faire
The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector to organise most economic activity by markets. Classical economists were great advocates of a laissez-faire system with minimal government intervention. They believed free markets were the best organisers of economic activity
arguments in favour and against of Theory of Profit Maximization
Q. Explain Labour Intensity? Labour Intensity: Ratio of labour effort expended, compared to total on-the-job compensated labour time. A higher ratio of labour intensity reflect
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About four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for general admi
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GENERAL PRINCIPLE OF EXTRACTION OF METALS
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