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The central economic problem is scarcity which leads to an opportunity cost. In simple words human wants are infinite but resources are finite (having said that we need to distinguish between human wants ...
Up until 2007 productivity in the UK had been rising at a satisfactory level, however after that it remained stagnant until today. Evidence shows that if the UK’s pre-2007 trend had continued, productivit...
Define a price ceiling as a maximum price that a seller is allowed to charge for a good or service. Examples include rent controls and medication.Assume that we are currently at an equilibrium where p=p* ...
Introduction- say what the trade balance is, ' the difference between the value of a country's imports and exports for a given period'. first way to solve it- devalue the currency like we did in 19...
The correct answer is b).The price mechanism is defined as the interaction between supply and demand for a good, which determines price such that quantities supplied and demanded are equal.An increase in ...
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