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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.
Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
Economics- Definition Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people. Microeconomics h
what is the Theory of second best? Prove the theorem with the help of digram
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explain graphically Equilibrium of a multi product firm
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
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What is elasticity of supply
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