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Theories of wage determination Early theories about wages The earliest theories about wage determination were those put forward by Thomas Malthus, David Ricardo and Karl
What is Oligopoly? Oligopoly is a general market structure. This arises from similar forces that lead to monopoly, except within weaker form. This is an industry along with onl
USES OF NATIONAL INCOME FIGURES We need national income statistics to measure the size of the "National cake' of goods and services available for competing uses o
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The a
THEORY OF COMPARATIVE ADVANTAGE In his theory put forward in a book published in 1817, David Ricardo argued that what was needed for two countries to engage in international t
State about Production theory Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average cost
Q. Explain about Linear Isoquant? : In this case, isoquant would be straight lines as in Figure below. This type presumes perfect substitutability of factors of production. I
Other Determinants 1. Rate of Interest Is contained in the argument of the classified economists who argued that rational consumers will save more and consume les
THE BUDGET The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources
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