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Define injections and withdrawals.
"The inflows in circular flow of income are known as injections". Investment, government spending and exports are there in injections "The outflows in circular flow of income are known as withdrawals". Savings, imports and taxes are included in withdrawals.
discuss the trend and composition of national income and per capital income
What is the difference between 'Capital' and 'Capital value'? "The total amount of money or other resources owned or used to obtain future income or benefits." On the other h
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using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low
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