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THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME
National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The actual National Income achieved at that point is referred to as the equilibrium National Income.
For there to be equilibrium, firm spending must be equal to firm's receipts. If this were not the case, the firms will receive less and lose money until there is no more money in the system. Hence, for there to be equilibrium:
Factor Incomes = Consumer Spending
Lender of Last Resort The central bank also acts as the lender of last resort. Historically, this function developed out of the special position of the central banks. The centr
Q. Define the Natural Monopoly? Natural Monopoly: Natural monopoly is because of natural factors. For illustration, a particular raw material is concentrated at a specific pl
Why do the inclusion of opportunity costs in cost-and-supply analyses help individuals make better decisions and improve outcomes?
What limitations are inherent in the economist’s view of pricing?
A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. The market has a population of 2 million persons. The team s
Organization for Economic Development (OECD) An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and
factorsw determining demand
PUBLIC SECTOR BORROWING REQUIREMENT (PSBR) Public Sector Borrowing Requirement (PSBR) is the amount which the government needs to borrow in any one year to finance an excess e
Imagine an amusement park with a sole attraction: a roller coaster. For simplicity, the cost of providing a ride is zero. There is a single consumer with demand for rides on the ro
What is the theory of the firm A firm can be considered an amalgamation of people, financial and physical resources and a variety of information. Firms exist as they perform us
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