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National income:
The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either for consumption or for addition to wealth. GDP is the monetary value of final goods and services produced in an economy (for example within the four walls of Ghana) in a given time period, say one year.
National Income estimates are very useful to economists, policy makers, business people and investors. However, some problems are faced in accounting for national income.
if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
What is inflation gap
The Law for Diminishing Marginal Returns - As use of an input increases in equal increments, a point will be approched at which the resulting additions to output decreases
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Non-Tradable:Some products can't be transported over long distances or otherwise sold to consumers from far-off locations. These products (including some goods as well as most serv
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