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REAL VERSUS NOMINAL PRICES • Nominal price is a complete or current dollar price of a good or service when it is sold. • Real price is the price related to a combined me
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
Available resources with the desired goals: To match the available resources with the desired goals: The complementary nature of some investment decisions make for planning. T
negative slope on ppf represents what?
Manpower-Population Ratios In this technique, manpower will not be planned for the economy as a whole. It will be planned for sectors or sub-sectors of an economy. For instanc
Using real life examples and the use of the following concepts: Effecient vs Ineffecient and Opportunity cost and increasing opportunity cost
Functions of the Central Bank: Currency issue and distribution: The Central Bank is the only institution empowered by law to issue currency notes and coins that are used as a
Perfect competition has the following characteristics: 1. Large number of firms - There are a large number of firms in the market. Due to this each firm produces a very small fr
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