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How is economics works with interaction of individual choices?
Principles behind the interaction of individual choices:
1. There are gains through trade.
• Specialization
• Trade and gains from trade
2. Markets shift toward equilibrium.
3. Resources must be used as efficiently as possible to attain society’s goals.
• Efficiency
• Equity
4. Markets generally lead to efficiency.
Exceptions: Market failure
5. While markets don’t attain efficiency, government intervention can enhance society’s welfare.
casual factors of traditional business cycle and its effects on the sectors of the economy
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#question.distinguish between economic growth and economic development.
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what reasons limit the bargaining power of trade union in developing countries
Granting a loan: When commercial banks lend, they create money. This can be explained by extending the hypothetical example of Bank
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