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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.
Q. Explain Nominal GDP? Nominal GDP: Nominal gross domestic product measures total value of all the services and goods produced and traded for money in the formal economy, eval
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Evaluation of the WTO: The WTO is different from and an improvement over the GATT in the following respects: • The WTO is more global in its membership. • The WTO ha
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