What are the 2 definitions of economics growth
What are the 2 definitions of economics growth?
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Economics growth has two definitions which are given below:-
1. The increase in real GDP, that occurs over a phase of time.
2. The increase in real GDP per capita, that occurs over a time. This definition is superior if association of living standards is required. For eg: China’s GDP is $744 billion which is compared to Denmark’s $155 billion, but per capita GDP’s are $620 and $29,890 respectively.
If one decisionmaker in interdependent circumstances calibrates its decisions to the anticipated reactions of the other party, in that case the decisionmaker is engaged within: (1) psychological forecasting. (2) profit maximization. (3) collusion. (4) strategic behavi
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Elucidate various national currencies of foreign exchange market?
Favor laissez- faire economic policies tended by Adam Smith, who also: (w) saw the requirement for several state intervention. (x) believed there were no conditions in which the government must intervene. (y) supported most government
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Explain the statement: “Good economic policy requires good economic theory.”?
In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Explain the markets and prices of the Explain the markets and prices of the Market System?
Explain the markets and prices of the Market System?
Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
Normal resident: The persons or an institution who lives in a country and whose centre of interest lies in that country is termed as a normal resident of that country.
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