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Poverty: A state of having inadequate income or other resources to support a household (or group of households) at a basic standard of living. Poverty can be measured in absoluterrelative terms.
Poverty Rate: Proportion of households or individuals in a jurisdiction which are stated as poor, according to either absoluterrelative definitions of poverty.
What is Economic Theory? An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanatio
Define Nash equilibrium
What is the difference between wages and salaries
Economic Cycle The economic cycle is the long-standing sample of alternating times of economic growth (expansion) and decline (recession), followed by changing economic indica
illustrate and explain the changing demand for big mac using the indifference curve and budget line
Rational Expectations- Inflation Unemployment Trade-off : Now, consider what happens if we suppose that workers have rational expectations about the rate of inflation First, th
Neutrality: Bureaucracy is apolitical and neutral. Prof. Frocderich mentions the following features of bureaucracy: (i) differentiation of functions, (ii) qualifications for o
Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.
How does the production possibilietes curve relate to present day economics?
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
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