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Economic growth and Economic development:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.
Economic development is a sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services.
Illustrate about the imposition of behavior assumptions in analytical frameworks of modern economics? Imposition of Behavior Assumptions: The second one step for studying
Assume the banking system contains: Total Reserves $ 80 billion Transactions Deposited $800 billion Cash held by public $1
Corporatism: A system for managing income distribution andwage determination, in that wage levels are determined centrally (across industries or even whole countries) on the founda
what is break even quantity
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
What is third degree price discrimination? Explain with case analysis,give two successful & unsuccessful cases of 3rd degree price discrimination.
Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost
What types of external economies generates the output which reduces the costs of the firms in it? The chief example of external economies provided by marshal are (i) improved
Production Process: Production is a process that transforms factors of production or inputs into output of goods and services. Production may be classified into extraction, ma
a more simple explanation of the group equilibrium in the short and long run
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