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What is the difference between 'scarcity' and 'shortage'?
'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce goods, we called this phenomenon 'scarcity'. On the other hand, 'shortage' is explained as the situation where the quantity demanded is greater than the quantity supplied because the market price is lower than the equilibrium price.
In June 2009, Textile co. (a domestically located firm) purchased 1000 yards of cloth from India (a foreign country) for $1000. Textile co. hired Elizabeth and paid her $5000 to s
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
The East Asian Miracle However the set of extraordinarily successful economies isn't limited to the set of original OECD economies. Economies of the East Asian miracle have ove
what makes it differ from other market structures
Uses of population census: It is used to determine the size and the growth rate of the population at a country. The helps the government in planning for education, transporta
nm utility index
What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
lung run eqiulibrium
the price of a laptop increases by 20% and there is a 40% drop in the quantity demanded
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