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Labor cannot be divided from the human being who provides it. The result of the inseparability of labor from the people who gives it, is that the wage for the last hour worked must be equivalent to the utility lost from the use of that hour for leisure activities (all other activities except work.) Further, because labor is given by people who are also consumers, the wage variable (the price of labor in a labor market) is somewhat more complicated than prices in product markets.
Economic growth and Economic development: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is
advantages and disadvantages
Q. Define Debt? Debt:Total amount of money owed by a company, individual or other organization to banks or other lenders is their debt. It represents accumulated total of past
Revenue and Profit Maximization: Whenever a good is produced, the individual firm which has produced incurs costs which are are referred to as private costs and the society in
When you drop by the only coffee shop in your neighbourhood, you notice that the price of a cup of coffee has enhanced considerably since last week. You decide it's not a big dea
#quesExamine the expenditure trends over the last 40 years. What are the direction and magnitude of changes in spending in and between these various categories (with the exception
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
Mercantilism:It is an economic theory from pre-capitalist times which held that a country's prosperity depended on its ability to produce large and persistent surpluses in its fore
An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
importance of monopolistc competition in Indian market.
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