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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 output is determine by a point on or within the PPF.
Actual growth means that the point moves outwards, whereas potential growth is shown by an outward shift in the PPF.
TREND AND STRUCTURE OF INCOME: Each sector of the economy employs natural, human and material resources and contributes to the aggregate flow of goods and services during a gi
Due April 8 a) Produce some initial summary statistics of the data. b) State the hypotheses that will be tested. Show me advanced results (analyses, not write-up/paper) Due April
significance of income elasticity coefficient
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What is economics about? Economics: Economics is a social science which studies individuals’ economic behavior, economic phenomenon, ands also how individual agents, as like
Transactions demand for money: Transactions demand for money represents cash balances held by economic agents in order to carry outordinary everyday transactions.For example,
what is discounting principle?
explain how the keynesian cross shows that the economy is susceptible to self-fulfilling prophesies, either positive or negative
Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c
Aggregate Supply When referred to in the circumstance of GNP or GDP, aggregate supply refers to the labor and capital needs to proceeds the level of products and services need
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