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Use a PPF to explain the trade-offs that all economies face.
All countries must construct some sort of system whereby output, allocation and distribution of goods is decided. In the method, of solving the basic economic problem there will always be a trade-off (i.e. an opportunity cost) as resources are limited and our (societal) needs are infinite. This trade-off can be illustrated diagrammatically by the PPF
Consider a two-period economy with a single commodity (say leisure): x1 is the con- sumption of leisure in period 1, and x2 is the consumption of leisure in period 2. When Peter ev
This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit
Q. Explain about Social-Democracy? Social-Democracy:It's a reformist political strategy that aims to win certain improvements in social and economic conditions under capitalism
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herberler theory of opportunity cost
williomson''s model of managerial discretion
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Composition of Trade: It is indicative of the structure and level of development of an economy. For instance, most of the UDCs depend for their export earnings on a few primar
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