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Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur
Why and how are economists attempting to create more accurate measurements of development? The why part is simply because of the complexities built-in to the concept of develop
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
Graphical Representation of Various Returns: Diminishing Returns: If the TP curve is as shown in the adjacent Figure, then the MPL given by tanθ is throughout less than the A
What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
Example of a cost function
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
Labour Supply:Total number of workers available and willing to work in a paid position; generally measured by the labour force(even though the labour force usually excludes many wo
What are the two types of government cash transfer programs in the U.S., used to help households achieve income security? Provide examples of each. The two kinds of government
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