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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.
maximum profits will occur at the output level
What is meant by minimum wage? The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of sup
Define Law of conservation of mass, Explain briefly, Law of conservation of mass: In all physical & chemical changes the total mass of the reactants is equal to that of the produ
#question.using a well illustrated diagram, explain the concept of producers equilibrium .
How can we identify that something is elastic or inelastic? When demand of any commodity does not change with the change in price of that commodity that item is said by inelas
explain the managerial decision areas
how to write an overall introduction about gdp?
Functions of the IFC: The purpose of the IFC is to further economic development by encouraging growth of private enterprise in member-countries. The IFC, therefore: • inv
#limitations of time series analysis
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