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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
Differentiate between nominal and real exchange rate. Nominal exchange rate is the rate which actually prevails in the foreign swap market. The real exchange rate is the rate
GROWTH OF REGIONAL FINANCIAL INSTITUTIONS: We find many levels of groupings of nations in the international arena. Groups of countries that share borders often have semi-perma
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discuss ho capacity utilization and product differentiation affect internal rivalry and entry barriers with the analytical framework of the porter five forces model. use the econom
What is market clearing level and public good? Market clearing level is the price level current in the market at which consumer is willing to purchase a particular commodity f
Shifting the PPF Curve To raise the manufacturing of one good without reducing the production of the other, the PPF curve should shift outward. The PPF curve shifts outward as
Illustrate the income changes and consumption choice. Income Changes and Consumption Choice: This is of interest to see at how the consumer’s demand changes when we hold pri
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Choosing Inputs How to minimize cost for the given level of output. We can do so by combining Isocosts with Isoquants Producing a
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