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Gross Domestic Product A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in
CONTRACTING AND INSIDER-OUTSIDER MODELS OF UNEMPLOYMENT From the Walrasian assumption of a market-clearing wage on efficiency considerations - it was postulated th
Investment Investment is the process of increasing the productive capital stock of a country, or can be defined as the production of goods not for immediate consumption. T
Explain the demand for a commodity The functional relationship between demand for a commodity and its various determinants may be expressed mathematically in terms of a demand
Resource allocation in a free enterprise Although there are no central committees organising the allocation of resources, there is supposed to be no chaos but order. The major
MONOPOLISTIC PRACTICES The following practices may be said to characterize monopolies. Exclusive dealing to supply and collective boycott Producers agree to supply onl
PHILLIPS CURVE The Phillips curve, named after A. W. Phillips, describes the relationship between unemployment and inflation. In 1958 Phillips, then professor a
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
The following contains cost and benefit information for two different alternatives for a w capital investment in computerized process technologies to control the process at a manuf
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