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Differentiate between firm and industry.
A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways, but the correct meaning is a business carried on under a trading style by partners. Many people use the term "firm" to embrace any business, i.e., Private Limited and Public Limited companies but this is technically incorrect. An industry is usually any grouping of businesses that share a common method of generating profits, such as the "movie industry", the "automobile industry", or the "cattle industry". It is also used specifically to refer to an area of economic production focused on manufacturing which includes large amounts of upfront capital investment before any profit can be realized, also known as "heavy industry."
Suppose that two wage regressions are estimated for native and white workers: Wn = 5.0 + 0.10S Ww = 6.0 + 0.14S Pick a reasonable average level of schooling for white and Native wo
Inductive effect
The concept of opportunity cost occupies a very important place in modern economic analysis. The opportunity cost of any good is the next best alternative goods that are sacrificed
Q. What is Joint Stock? Joint Stock: A form of business in which company's assets are jointly divided among a large number of different individual owners, each of whom owns a s
The Money Creation Process is explained below: We can now study the money supply or the creation process. Suppose the government wishes to buy pencils worth Rs. 10 for the offi
Explain how automatic (fiscal) stabilisers may help to lower fluctuations in the business cycle. Definition of automatic stabilisers as built-in to the system in terms of trans
1. Explain what are price ceilings and price floors and how they effect the market for a good or service. Also show through graphs, if they cause any inefficiencies in a perfectly
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Economic Ef ficiency The effort to making products and services in the least costly way without sacrificing excellence.
Participation Rate:Proportion of working-age individuals who decide to ‘participate' in the labour force, by either being employed or actively seeking work. Precise definition of w
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