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Why is the concept of scarcity relevant to both LDC s and MDC s?
All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be met. Suppose that wants are endless but that economic resources are scarce means that all economies will have to contract with the issue of scarcity, i.e. that all needs simply cannot be fulfilled and that choices will have to be made.
Consider a family saving function for the population of all families in the United States: sav = β 0 + β 1 inc + β 2 hhsize + β 3 educ + β 4 age + u where hhsize is househol
study on internet will impact on gdp
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
Differentiate between real and nominal variables. In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest
Fiscal Imbalance: The persistent rise in resource gap has led to a growing volume of public debt. The central feature that emerges is a serious fiscal imbalance, arising from
Protection of infant firms: Infant industries are those firms, which are young. The absence of economies of scale to them makes their unit cost of production higher than older
Please write an essay (2-2.5 pages) based on this paper You">http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-lecture.pdf You pick one over 6 macroeconomic
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if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
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