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Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production).
Production: Process by which human labour (or ‘work') is applied, typically with the help of tools and other forms of capital, to produce useful services or goods.
What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
alternative theories of trade
Give a critique of indifference curve
what do you understand by production posibility curve?
Provide an economic explanation of what you have shown in your diagram above. Iceland was a small open economy with perfect capital mobility. Consequently, the equilibrium domesti
What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)? The simplifying assumptions are: 1) The household and i
Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?
Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c
Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s
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