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Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure.
Surplus, Economic: For the economy as a whole, surplus equals the amount of production over and above what is essential for the reproduction of existing economic system (including essential consumption required to reproduce population, and depreciation on existing stock of capital). An economy's aggregate surplus can be consumed (to allow for a standard of consumption higher than mere subsistence, or to finance wasteful projects such as wars or monument-building) or re-invested to expand future production.
In the purely competitive analysis, there were two dissimilar models, one model for the industry, in which the interaction of supply and demand recognized the market price and quan
the general characterictics of economic models,its limitations and verification
Question 1: "The rush of new and existing enterprises to exploit the opportunities presented by the internet economy is giving rise to new business models". Discuss. Ques
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1- Explain how a policy mix (like the one used in 1990s) could help reduced to eliminate the budget deficit without having an adverse effect on the output. Illustrate your answer
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