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Disadvantages of Barter Trade
For these reasons the barter system is discarded by societies which develop beyond autarky to more specialized methods of production. For such peoples a money system is essential.
Money may be defined as anything generally acceptable in the settlement of debts.
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Describe the Forecasting method in managerial economics It is a technique or a method to predict many future aspects of a business or any other operation. For illustration, a r
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INTERNATIONAL FINANCIAL INSTITUTIONS In July 1944, a conference took place at Bretton Woods in New Hampshire to try to establish the pattern of post-war international monetary
Compensatory Financing Two other schemes for alleviating the effects of commodity trade instability have been operating for a number of years. These are the IMF's Compensator
Electron Control, Inc., sells voltage regulators to other manufacturers, who then customize and distribute the products to quality assurance labs for their sensitive test equipment
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
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Explain factors determining elasticity of demand.
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
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