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Economics; Different Perspective
? Economics is the knowledge of the choices taken by people who are faced with scarcity.
? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.
Society’s Choices
? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:
1. What products do we manufacture?
2. How do we manufacture these products?
3. Who consumes or intakes the products?
What does economic theory contribute to managerial economics? Explain
static & dynamic multiplier of keynision theory
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
For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
Use a PPF to explain the difference between actual and potential growth. The PPF shows possible output, taking into consideration all factors of production - but de facto outpu
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Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
Question 1: i) Elaborate on the different types of price discrimination that a monopolist may use and what are the required preconditions for its application? ii) What dete
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