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Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North K
is south african economic system more allocative efficient?
explaination of quasi rent theory
Why is the goal of stability and security important to many people? What problems typically emerge during periods of instability? The instability over the business cycle can b
An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa
an explanation of the meaning of price ceiling
Why is it true that shortages usually occur mainly when price controls are in effect? In the nonexistence of price controls the shortage generally goes away quickly because price
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
Current Daily Status(CDS): The reference periods (i.e. a year, a week and a day) are basically used to describe the period for which the workers are employed in the economy. T
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
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