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The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities, barter is no longer Required. Money can be easily stored in a tin can or bank account, so commodities require not be stored and can be purchased when needed. Because money is acceptable in virtually all transactions, prices can be stated in terms of dollars or yen thereby simplifying transactions substantially. In other words, money is the grease that lubricates any difficult economic system
illustrate and discuss the implications of various market structures (competitive and non-competitive) for price determination
how do cooperative and noncooperative games differ
Price Elasticity of Demand is explained below: Price elasticity of demand/require is the percentage change in the quantity demanded with respect to the percentage change in the
Expenditure Trends and Pattern: Total expenditure of the Centre has risen twice as fast as total revenue, although much of this reflects rising interest payments. Revenue expe
demand elasticity in urdu
Chapter 13 / PERFECT COMPETITION and THE SUPPLY CURVE 1. Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixe
Suppose we divide Canada into three regions; the west, the centre and the each
explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions
How does production possibility curve help solve central problems?
Using tools of indifference curve, highlight on consumption in business economics.
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