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A type of economy (like in Europe in the Middle Ages) which is primarily agricultural however productive enough to support a class of merchants andartisans. Feudal societies are composed of two major social classes: peasants andnobles. Nobility extracted the agricultural surplus from peasants through a system of tradition, mutual obligation and (when necessary) brute force.
what are the pros and cons of monopsony
Define injections and withdrawals. "The inflows in circular flow of income are known as injections". Investment, government spending and exports are there in injections "The
Is there a trade-off between inflation and unemployment? The Keynesian side posits that policies can indeed be used to stimulate demand - demand-side policies - and those mar
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
is south african economic system more allocative efficient?
Calculate the cross-price elasticity of demand between computers and printers, where a 10 percent decrease in the price of computers results in a 15 percent increase in the quantit
types of elasticity of demand
What is checkable bank deposits?
Consider the market for Kitty Litter. Assume this industry is purrfectly competitive and is presently in long-run equilibrium. Suppose people begin to prefer Dogs as pets and Cat
Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,
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