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What are between material and non-material progress?
• Material progress considers to as economic growth. Growth is only one dimension of development. Growth doesn’t unavoidably mean development
• Non-material progress consider to as improvements into socio-political and cultural factors for example, increased life expectancy, improved education, greater access and capability to choose; freedom through fear of starvation.
What are the comparative benefit The idea of comparative benefit defines that a nation must specialise in the industries in which it has a comparative advantage. Comparative be
The Neoclassical thinking that assumes that all firms are established with the intention of making profit has been challenged by the managerial discretion models. How successful ha
Explain why P=MC in the short-run equilibrium of the perfectly competitive firm, whereas in the long-run equilibrium P=MC=AC.
The amount of wealth that households and business desire to hold in the form of money balances is called the 'demand for money'. Individuals and firms have at their command only
Gross Domestic Capital Formation Production requires services of fixed assets such as machinery, equipment and structures as well as working capital i.e. stocks of raw materia
Members of the Organization for Economic Cooperation and Development are: 20 countries formerly signed the Convention on the Organization for Economic Co-operation and Develop
According to Bowen, Leamer, and Sveikauskas, which of the following is true? a. A nation indirectly exports its most abundant factors of production. b. A nation indirectly im
Describe your most positive experience in working on a group project in which the group's cohesiveness led to greater work productivity. Have you experienced a situation that was j
Balance of T rade A country's present account reflects a money drain when exports exceed imports. The net distinction in-between the dollar value of a world imports an
The aggregate demand curve shows the combinations of the price level and the level of output at which the goods and money markets are simultaneously in equilibrium. Let us now go o
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