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Unemployment: Individuals who want to be employed, and are actively seeking work, but can't find a job, are considered ‘officially' unemployed. Individuals who aren't working, but not actively looking for work, are considered to be outside of labour force, and thus don't count as ‘officially' unemployed.
what is the basis of marginal utility
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
Intermediate Products: Products (which includes both services and goods) that aren't produced in order to be consumed, but somewhat are produced in order to be used in the producti
Capital Account: The Capital Account presents transfers of money and other capital items and changes in the country's foreign assets and liabilities resulting from the transac
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explain how scarcity impacts choice 2.expain the three steps process in economic analysis
What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
using demand and supply curves explain how shortage and surplus are created
Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
discuss the implications of various market structures(competitive and non-competitive) for price determination
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