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What two developments are demanding new ways of looking at the economic world in the 21st century? What kinds of sustainability questions do they raise? Two developments that
Explain the roles of economics theory. Roles of Economic Theory An economic theory has three probable roles: a. This can be used to describe economic behavior and economi
The Hypothesis of Rational Expectations : In the General Theory (Keynes, 1936) we noted that the state of expectations was taken as given. There was, in addition, explici
how a capitalist system solves the three fundamental economic problems
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What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
average-marginal relationship
Consumer Choice * Consumers choose a combination of goods which will maximize satisfaction they can attain, given the some degree of budget available to them. * The maximiz
williomson''s model of managerial discretion
An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa
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