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What are the basic economic institutions?
There are two fundamental economic institutions which have been so far used into the real world are as:
a. Market economic institution (i.e., the price mechanism): Many decisions on economic activities are made through individuals. It primarily decentralized decision system is the most significant economic institution discovered for reaching cooperation in between individuals and solving the conflicts which arise between them. There market economy has been proven to be only economic institution, so far, which can remain sustainable development and growth into an economy.
b. Planed economic institution: Many decisions onto economic activities are made by governments that are mostly centralized decision systems.
Balance of payments account: The foreign exchange market is an organizational setting within which individuals, business firms, banks etc buy and sell foreign currency. It has
Williamson’s Model of Managerial Discretion
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what are the limitations of economies of scale?
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Use standard indifference curve analysis to demonstrate whether the following statement is true or false. If the objective of government welfare programs is to provide lower inc
2) Proctor & Gamble (P&G)
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