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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 services) are thus considered non-tradable: they should be consumed near to where they are produced. Nontrade able products include most construction, some manufacturing (like highly perishable or extremely bulky products), most private services and nearly all public services.
Mathematical representation - Inflation Unemployment Trade-off : Suppose that firms correctly perceive the state of demand in the economy and the rate of price inflation. The
Private benefit and social benefit: Bridge the gab between private cost and social cost, and private benefit and social benefit.Under perfect market, there may be a divergence
The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
Perfect competition and monopoly are rarely found in the real world and thus they do not represent, for the most part, the actual market situations. Therefore, the conclusions whic
discuss scarcity,choice and opportunity cost
WHAT ARE THE COMPONENT OF ECONOMICS
Differentiate between oscillation and damp cobweb model
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PRODUCTION AND PRODUCTIVITY DIAGRAM BEHAVIORAL RELATIONSHIP
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