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The Mixed Economy
There are no economies in the world which are entirely 'market' or planned, all will contain elements of both systems.
The degree of mix in any one economy is the result of a complex interaction of cultural, historic and political factors. For example the USA which is a typical example of a largely work-based society, but the government still plans certain areas of the economy such as defence and provides very basic care for those who cannot afford medical insurance.
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present a detailed discussion of the principles of managerial economics
Measurement of Inflation The rate of inflation is measured using the Retail Price Index. A retail Price Index aims to measure the change in the average price of a basket of g
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Define the Managerial economics Managerial economics is thus a study of application of managerial skills in economics. It assists in determining, anticipating and resolving po
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Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
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Lender of Last Resort The central bank also acts as the lender of last resort. Historically, this function developed out of the special position of the central banks. The centr
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