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A type of economy (like in Europe in the Middle Ages) which is primarily agricultural however productive enough to support a class of merchants andartisans. Feudal societies are composed of two major social classes: peasants andnobles. Nobility extracted the agricultural surplus from peasants through a system of tradition, mutual obligation and (when necessary) brute force.
Q. What do you meant by Financialization? Financialization: The trend under neoliberalism through that real production in the economy is accompanied by an increasing degree of
how the increase in price will affect consumer''s ability to maximise satisfaction?
"As long as consumers are willing to pay a positive price for a good, the larger is the quantity formed, the greater is the total surplus from trade." Explain this statement if i
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Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
BUREAUCRACY: M de Gournay, an economist of France, first coined the word Bureaucracy in the eighteenth century to refer to "a fourth or fifth form of Government" in which "off
Problem : "The beliefs that free trade favors only the rich countries and that volatile capital markets hurt developing countries the most have led activists of many stripes
When measuring price levels in the economy (such as when calculating the CPI index), why is a weighted average used? Because we require giving greater emphasis to prices at whi
What is indifference curve and its properties?
discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm
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