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Gross Domestic Product
A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in the United States, or as the total value of all payments made to produce all American goods and services. Other measures of GDP exist that take into account inflation factors, so that the adjusted GDP is a more accurate representation of economic activity in the United States in original dollars.
Meaning of Inflation There has been a proliferation of definitions of inflation. Many of these definitions, however, embody the description of the processes by which the underl
Organization for Economic Development (OECD) An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and
Give some examples for marginal and incremental principle
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Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
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Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
limitations of managerial ecomomics
what is the definition
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