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Open Economy
None of the three economies considered so far are engaged in trade with Foreign Countries. Such economies are often referred to as Closed Economies. In contrast, open economies engage in significant amounts of foreign trade, so that some of the goods produced at home are sold a broad while some of the goods sold at home are produced abroad. The model is more applicable in real life.
Economics for Accountants A few teachers and some students have questioned the rationale for including economics in a course of study for professional accountants. In order to
Keynesian unemployment According to Keynesian theory of income and employment, unemployment occurs due to lack of effective demand. If effective demand is less, production of
Explain the limitations of managerial economics
Difficulties in using fiscal policy There are several problems involved in implementing fiscal policy. They include: Theoretical problems Monetarists and the Keynesia
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
What are terms included in oligopoly? Oligopoly includes: • The meaning of oligopoly, and why it arises • Collusion • Game theory, particularly the concept of the pris
Open Economy None of the three economies considered so far are engaged in trade with Foreign Countries. Such economies are often referred to as Closed Economies. In contrast
What market type does the company you work for operate under? What makes you think this? Do you think that this is the right market type for your company to operate in? Explain you
National Income National Income is a measure of the money value of goods and services becoming available to a nation from economic activities. It can also be defined as the to
Indifference curves In order to explain indifference curves, we will again make the simplifying assumption that the consumer buys two goods, x and y. The table below gives
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