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What are the social economic and non economic factors? Development is also a procedure involving change in some social economic and non economic factors comprising: • Econom
What are the advantages of leaving resource allocation to price allocation? Ans) The 5 benefits are Neutral, Flexible, Freedom of choice, No administrative cost and lastly Dimin
Q. Describe Supply and demand in macroeconomics? In microeconomics, we are careful to distinguish between demand, supply and observed quantity. The first two are hypothetical c
ACCOUNTING SYSTEM-EXAMPLE IV Now consider the economy as in example III. In the next year same outputs were produced and the same incomes were paid out. However, the household
Income and Substitution Effects of a Price Change Indifference curve analysis can be used to separate the income effect (IE) from substitution effect (SE). This is shown in Fig
What are the Two types of money In most countries, one can identify two "types of money": Currency and coins Bank deposits Total value of all the money in a
What does it mean to seek the Kingdom of God in a democratic capitalist economy? How can it be done?
THE MODEL BUILDING A model of individual or aggregate economic phenomena represents a simplification of real world economic complexities. It may be expressed in words, ta
Maximum profits will occur at the output level where is the greatest vertical distance between Total Revenue(TR) AND Total Cost(TC. uSE THE TOTAL REVENUE-TOTAL COST CURVES TO Illus
Composition and Direction of Trade: The impact of trade reforms can be observed from the changing structure of India's foreign trade in terms of diversity of production
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