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relation between production and consmption
What is the difference between Price inflation and Wage Inflation? Price inflation is the rate of enhance in the prices of goods and services whereas the wage inflation is ra
The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si
what is traditional economy 2 features of traditional economy
Why is high unemployment considered a bad thing? High unemployment means that a nation's resources are underutilized. It also poses great psychological, economic, and social c
Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure. Surplus, Economic: For the economy
Fixed costs are those which are independent of output that is they do not change with changes in output. These costs are a fixed amount which must be incurred by a firm in the shor
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
Define the Production Possibilities Curve
Uses and Habit Forming Commodity -price elasticity of demand: The number of possible uses : A commodity has high price elasticity of demand (or elastic demand) if it can be p
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