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Functions of money in any modern economy: A medium of exchange: Money facilitates the exchange of goods and services because, people exchange the goods and services they produ
when price falls
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
Ask qExplain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the com
Factors Shifting Supply Curve -
identify any four other law of demand and give examples
why diminish MRS?
Define the Policies of Education Universal education--particularly universal education of girls--pays a two-fold benefit. Investments are more likely to be productive with a be
1f
Risk Aversion and Income - Variability in potential payoffs increases risk premium. - Example: A job has a .5% probability of paying $40,000 (utility of 20) and a 5 p
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