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Institutionalist Economics: A school of heterodox economicsthat emphasizes importance of institutional development and evolution (as opposed to ‘pure' market forces) in explaining
Circular Flow of Income: The diagram shows Real Flow (goods and services) and Monetary Flow (Income and expenditure). The bottom pair of arrows depicts the goods market.
Wage Differentials: Market structure alone does not account for all of the differences in wages and employment. Market wage differentials arise from various other sources, includin
Economic Reforms and Foreign Investment Inflows: A major objective of economic reforms was to increase foreign investment, which helps to increase capital formation of the eco
There are two individuals in town, one is high risk and the other is low risk. 1 The probabilities of having an accident for the low risk individual and high risk individual are p
Use a PPF to explain the difference between actual and potential growth. The PPF shows possible output, taking into consideration all factors of production - but de facto outpu
Describe Ionization energy or ionization potential and The factors affecting the ionization energies
Why is human capital so important in the development process? Explain human capital in terms of (the sum of) education/training/experience/ literacy etc, and clearly show how t
project work
Q. Level of aggregate demand in economy? Demand-pull inflation takes place when there is an increase in level of aggregate demand in economy. Aggregate demand comprises five co
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