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How might you determine whether flute-playing ability is a highly heritable trait? If you want to improve your flute playing and someone tells you that musical ability is heritable
Why firm charges different prices to different consumer? Every firm needs to maximize its profit. When goods are sold to different customers, each customer negotiate price of
Arbitration The use of a third party to describe between two sides dead locked in a negotiation. The arbitrator's decision can be binding or not binding, as before agreed upon
opportunity cost
explain abnormal profits and normal profits
DRAW A SIMPLE CIRCULAR FLOW DIAGRAM AND DISCUSS BRIEFLY THE DISTINCTION BETWEEN AN INJECTION INTO THE FLOW AND A LEAKAGE FROM IT
Wealth: This is a stock of accumulated purchasing power stored up from the past. For example, if you have a fat savings account accumulated from your past earnings, your curre
Balance of payments account: The foreign exchange market is an organizational setting within which individuals, business firms, banks etc buy and sell foreign currency. It has
Name the five types of capital. The five types of capital are: natural capital, manufactured capital, human capital, social capital and financial capital.
short run equilibrium of the industry
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