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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
law of diminshining marginal utility
Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.
Show that when a plane wave is transmitted through a thin lens of focal length f in the direction parallel to the optical axis of the lens, its converted into a paraboloid wave (th
If Kansas can formed either 400 tons of wheat or 100 tons of corn and Nebraska can formed 300 tons of corn or 200 tons of wheat then it makes sense for the two states to specialize
Consider the following flow (in thousands of people) between the various labour market states in a particular month:
V alue Chain It is the collection of activities within an organization that allows it to compete within an organization. The activities in a value chain can be grouped into
Market demand and supply of a good is shown by QB = 2,160 - 180P and QS = -2400 + 300P where QD, QS and P stand for quantity demanded, quantity supplied and price respectively. (a
TRADE AND ECONOMIC GROWTH : Foreign trade has worked as an 'engine of growth' in the past (witness Great Britain in the 19th century and Japan in the 20th, besides others), an
Illustrate the measurement of inputs and outputs in production technology? Measurement of Inputs and Outputs in Production Technology This is generally most satisfactory to
Defining black economy, If you pay your cleaner or builder in cash or for some reason neglect to tell the taxman which you were paid for a service rendered, you participate in the
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