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HOW DO YOU ADJUST FISCAL POLICY FOR INTERNAL BALANCE
concept of innovation theory of profit and criticism
heckscher - ohlin theory of trade
distinguish between Isocost and Isocline
What is a natural monopoly Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC
Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour
Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me
Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
define law of demand
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