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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.
Q. Explain about Gross Domestic Product? Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes
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why the production curve is bowed outwards
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Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
More details on mixed bundling
1. Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubl
The prevention of major swings in economic activity can be handled most easily by the
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