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describe scitovosky''s double criterion
Indifference curves present all possible combinations of market baskets that give the similar level of satisfaction to a person. Indifference Curves 1. Indifferen
what is the definition of economic system?
Structuralist Economics:Its a form of heterodox economicsthat emphasizes relationships betweenincome distribution, effective demand and political and economic power. Structures:
Efficiency of exchange
What are subsidies? Almost in all market systems, government plays its role to stabilize the price of certain commodities, which are of public interest like medicines and edib
Reducing Risk Three methods consumers attempt to reduce the risk are: 1) Diversification 2) Insurance 3) Collecting more information
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
how does the prices system affect a country
The monetary calculate of the welfare associated with the change in the provision of some good. It is not to be confused with monetary value, unless the latter is explicitly desig
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