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How might one assess if a country in experiencing both growth and development? This is a matter of explaining clearly both growth and development; growth is an enhance in GDP (
the existance of a labor marketcharacterised by perfect competition is a fallacy.discuss
The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities,
what do you understand by linear break-even point? in what way is it useful in managerial economics? what are the assumptions underlying the analysis?
law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
describe the dominent firm model
The market for labor can be studied use a supply and demand framework. The demand for labor is from employers who use labor to produce goods and services. The supply of labor is
Disposable Personal Income The amount of cash remaining after taxes are removed that an individual has the opportunity to spend.
Income Elasticity of Demand is described below: Income elasticity of demand is the percentage change in the quantity demanded/required with respect to the percentage change in
concept of narrowness in pure economics
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