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What are the basic analytical frameworks of modern economics?
The fundamental analytical framework of modern economics:
The fundamental analytical framework for an economic theory comprises five aspects or steps as follows:
a. Requirement of economic environments,
b. Imposition of behavioral assumptions,
c. Adoption of economic institutional arrangements,
d. Determination of equilibrium, and
e. Estimate of outcomes resulting through an undertaken institution.
Special Drawing Rights: SDRs are entitlement granted to member countries enabling them to draw from the IMF apart from their quota. It is similar to a bank granting a credit l
explain how macro and micro issues may be represented using production possibility curve
The table shows the demand schedule of Taylor Swift’s concert ticket. Draw the demand curve for her concert ticket
Essentials of Development Administration Development administration, to be effective and efficient, needs to have the following ingredients: Administrative Innovation:
Processors of aseptically packaged juice-based beverages must adequately heat their product before packaging it in order to be sure that they have “killed” the microorganisms which
Economies of scale are advantages obtained from a company becoming large and diseconomies of scale are additional costs inflicted because a firm has become very large. The causes
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