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[DOC File]Economic growth: What factors matter
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Economic production is carried out using inputs of labour, capital and goods and services. In the National Accounts capital relates to non-financial fixed assets. Goods and services transformed or used up in the course of production results in intermediate consumption.
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[DOC File]Chapter 5 Production, Income and Employment
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The economic cost of unemployment is the output we could have produced if the unemployment rate were lower. The human costs include the psychic and physical suffering of the unemployed and their families, as well as a disproportionate burden borne by minorities, and especially teenage minorities.
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[DOC File]Substitutes in production – goods for which producing more ...
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Economic Systems. Traditional or barter. Planned or command economies. ... A changes in the price of a factor of production and a change in technology cause the supply curve to shift. Each shift is discussed below. ... Narrowness of the definition of the good. b. Availability of substitutes depends on tastes.
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[DOC File]ECONOMIC ANALYSIS OF PROJECTS
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II. Definition of economic efficiency. 1. To an economist, the objective of economic activity is to maximize the value of society national income (or consumption) over time. Economic efficiency is attained when the economy is functioning in a way that maximizes that value. a. Static efficiency: 3 …
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[DOC File]Economics of Agricultural Production Notes
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Three basic relationships are studied in production economics, which are : Factor-Product Relationship. Output (product) is related to single variable production input (factor) given a set of fixed inputs. The production of any final product depends on the use of various inputs or factors of production.
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[DOC File]Study guide for Economics Unit I test
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scarcity, capital (goods), land (as a factor of production), entrepreneur (as a factor of production), human capital, trade-offs, opportunity costs, production possibilities frontier (curve), specialization, voluntary exchange, command economy, traditional economy, market economy, mixed economy, the Circular Flow of Economic Activity, the four ...
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[DOC File]Topical Study Guide for Economics Unit 1 Test
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Fundamentals of Economics. To adequately prepare for the upcoming Unit 1 test, study your class notes, ch. 1-3 in your online textbook, powerpoint notes on the blog, and any worksheets completed for the unit.
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Factor of production economic definition