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Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustrations of externalities include pollution (which imposes a cost on natural environment and everyone who uses it), congestion (it slows down travel and productivity) and spill-over impacts of major investment or plant closure decisions.
Development: Economic development is the process through that a country's economy expands and improves in both qualitative and quantitative terms. Economic development requires co
Variability - The extent to which the possible outcomes of uncertain event may vary * Variability: A Scenario - Assume that you are choosing between two part time sales
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
what does it mean by a normal good ?
#what is exceptional supply curve
In relation to banking, Basel II, the Capital Requirements Directive (CRD) was implemented in January 2008. The CRD requires stricter capital treatment of a bank's risk transfer op
meaning and characteristics of plural sense and singlural
Types of production function
The demand for every productive resources is a derived demand. By derived demand it is meant that it is the output of the resource and not the resource itself for which is a deman
Current Account Deficit (CAD): Boon or Bane The general belief is that high CADs are dangerous. In general, this is correct. But the converse that low CADs are good is not. A
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