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Identify the four essential economic activities. The four main economic activities are: a) resource maintenance, b) production, c) distribution, and d) consumpti
Elasticity of Demand Price elasticity of demand measures percentage change in quantity demanded which results from a 1 % change in price. Price Elasticity
Name the five types of capital. The five types of capital are: natural capital, manufactured capital, human capital, social capital and financial capital.
explain how the keynesian cross shows that the economy is susceptible to self-fulfilling prophesies, either positive or negative
Explain the difference between a stock and a flow. A stock is something whose quantity is calculated at a point in time, whereas a flow measures the quantity of something ove
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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
You are interested in the outcomes of the children in your workload in general functioning and school performance, and whether they are related. As a result you decide to collect s
An economy has only one member Robinson Crusoe. Robinson allocates his time between fishing and collecting fruits. One hour spent finishing yields 4 fish. One hour spent collecting
Development Banks Banks that function as coordinating and intermediary industries to raise capital attract investment, and giving technical assistance for the economic develop
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