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Explain about the specification of economics environments.
Specification of Economic Environments:
The primary step for studying an economic issue is to identify the economic environment. The specification onto economic environment can be divided within two levels as:
i. Explanation of the economic environment, and
ii. Characterization of the economic environment.
To do these well, the explanation is a task of science and the characterization is a work of art. The more specific and accurate the explanation of the economic environment is, the higher the prospect is of the correctness of the theoretical conclusions. The most refined the characterization of the economic environment is, the easier and simpler the arguments and conclusions will acquire.
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
Stackleberg Model : is another attempt at understanding the strategic decision making of oligopolistic firms. It derives its name from Heinrich Freiherr von Stackelberg whose brain
Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income
explain convergent and divergent system
1. Why does inflation make nominal GDP a poor measure of the increase in total production from one to the next? How does the U.S' BEA deal with the problem inflation causes w
Fiat money is what is regular in modern economic systems. Fiat money is money that is described as legal tender by either a government or some organization with the authority to e
DETERMINATION OF EXCHANGE RATES: When we study the determinants of exchange rates, we must distinguish between long run determinants and short run because the determinants in
The Bandwagon Effect - This is desire to be in style, to have a commodity because almost everyone else has it, or to indulge in it. - This is major objective of marketing an
explain monotanic
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
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