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Define the term Entrepreneurship
Entrepreneurship : An entrepreneur is an individual who takes risks and organises the factors of production to make a product and therefore hopefully profit. Entrepreneurship is the skill of achieving this. It is often thought of as one of the factors of production. Another term for it is enterprise.
objestive of williamson modle
A country s choice among the production of education and nuclear submarines is an issue of opportunity cost. Explain the issue using a PPF. Resources are limited whereas
Using the key distinguishing features of any market structure describe the market structure for the South African mobile telecommunications industry
The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si
ed=1 means p
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
Suppose that a firm’s production function is given by Q=30L-3L2, where L is labor input and Q is the output. a) Derive and draw the firm’s demand for labor while the firm’s produ
Suppose a government uses an expansionary fiscal policy to get out of a recession. Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
what are the sources of monopoly power
The U.S. automobile industry, the soft-drink industry, the brewing industry, segments of the fast-food industry, and airplane manufacturers. Oligopoly will usually produce less tha
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