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THE GOVERNED ECONOMY
The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numerous activities such as defending the country, making and enforcing the laws, building roads, running schools, and predicting weather.
When the government produces goods and services that households desire such as roads and air traffic control, it is obviously engaged in a useful activity and is obviously adding to the sum total of valuable output. The National Income Statistician count as part of the GNP every government expenditure on goods and services, whether it is to build a scud missile to promote police protection, or to pay a civil servant to file and re-file papers from a now defunct ministry.
Q. What do you mean by Kinked Isoquant? This isoquant presumes only limited substitutability of labour andcapital. There are just a few processes for generating any one commodi
Q. What is External Diseconomies? The expansion of an industry is likely to generate external diseconomies that raise the cost of production. An increase in the size of industr
The computer graphics chip industry is one with a little number of competitors that earn normal economic profit. Two chip manufacturers, NVIDIA and ATI both face the prospect of lo
The pigou effect, also called the real balance effect, is named after the well known Cambridge school economist Arthur Cecil pigou who had first clearly formulated the relationship
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CHARACTERISTICS OF MANAGERIAL ECONOMICS 1. Uses theory of firm: Managerial economics uses economic principles and conceptsthat are known as theory of Firm or 'Economics of the
Frank H. Knight treated profit as a residual return to uncertainly profit. Obviously knight made a distinction between risk and uncertainly he divided risk into calculable and non-
Give short answer of following (a) Economics as a science. (b) Engineering Economics. (c) Economic Problem. (d) Meaning and characteristics of utility. (e)
Q. Development of Skilled Labour - External Economies? As the industry grows training facilities for labour will increase. This helps development of skilled labour that would i
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