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National income accounting:
Final Goods: Final goods are goods and services which are being purchased for final use and not for resale or further processing or manufacturing.
Value Added: It is the extra worth that a firm or a producer adds to a product in the course of its production. If a gari processing firm purchases cassava for hundred thousand cedis and later turns it into gari which is sold or valued at hundred and fifty thousand cedis, then, the value added is fifty thousand cedis (i.e. 150,000 - 100,000 = 50,000).
Current Output: It refers to goods and services produced in the accounting period. This is so because under national income we are accounting for output within a defined time or accounting period say for 1st January 2000 to 31st December 2000. Factor Cost: The net price, that is, the market price minus indirect taxes or plus subsidies, is the factor cost, which is the amount received by the factors of production in that productive activity.
What is snob effect
. Keep slope of supply constant and apply different slopes of demand curve and then show what happens if control price impose. Similarly, keep demand curve constant and apply diffe
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Select the production possibilities curve for an economy with 42 units of labor
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
As there are natural monopoly market situations it is in the public interestto permit monopolies, but traditionally in the United States they are regulated with respect to price.
Q. What do you mean by Benefits? The benefit of a project, policy or programme is the positive, expected aspect of an outcome, including the improvement in environmental qualit
REAL BUSINESS CYCLES: The extent of this module is partly indicated in the title. It is about real business cycle (RBC) theory. In addition, it exposes you to New Classical Bu
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