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QUESTION 1
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) How is choice about the use of scarce resources made in a market economy?
QUESTION 2
(a) Briefly explain, what is meant by
(i) Price Elasticity of Demand
(ii) Income Elasticity of Demand
(iii) Cross Elasticity of Demand
(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss.
what are the economic problems facing any individual in the economy
to explain in detail how to get five rights in procurement and supply
What is a developing economy? To say a country is developed or developing needs indicators. For illustration: • The World Bank classification utilises one economic indicator
Question 1: (a) Explain the core principles of the General Agreement on Tariff and Trade (GATT). (b) Do you think the additional principles introduced by the WTO in 1995 c
Ask question different between Marginalism & incrementalism #Minimum 100 words accepted#
features of monopolistic competition and oligopoly
Demand
How can be comparative advantage improved? Comparative advantage can be gained or improved through: • Investment during the education and also in training • Investment wi
as mention above, the physical demand for gold rises in india during late summer and the beginning of fall.what situation occurs at the end of the year?
What are economic systems? An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are
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