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What is the difference between 'concept' and 'assumption'?
These two terms are very dissimilar. The term 'concept' refers to an idea or abstract principle. For instances, force, space are concepts in Physics, God can be a method in religious beliefs, time is a method in Metaphysics, demand & supply are concepts in Economics, etc. However 'assumption' means a statement of something that has been taken for granted or something that has been accepted without any real proof.
For example, "people are maximizers" is an assumption in Economics.
Determinants of the Income Elasticity of the Demand: The determinants of income elasticity of demand are given below: The Degree of necessity of the commodity.
Draw the suitable graph for each situation and describe a real world situation in health care in which the market structure utilized in the question may exist. Demand: P=6,000-0
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Q. What is Free Trade Agreements? Free Trade Agreements:It is an agreement between two or more countriesthat eliminates tariffs on trade between the countries, reduces non-tari
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