But economic growth also has opportunity costs! (Let TA handle in recitation) An important factor responsible for economic growth is an increase in capital Capital goods long-lasting tools used to produce final/consumption goods (goods that are used up) But capital itself has to be produced by the use of other resources (e.g. tractors‚ R & D) More capital a society produces today higher will be future output of final goods growth in the output of final goods => PPF will push out
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NATIONAL INCOME:- What is National Income? National Income is the sum that is total money value of all the goods and services produced in one accounting year. So when we talk about goods and services we are only talking about the final goods and services and not the semi processed‚ when we take the money value of all the goods and services produced within the domestic boundary on India only and to not other countries. CONCEPTS OF NATIONAL INCOME IN TERMS OF MARKET PRICE:- 1) Gross Domestic
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To what extent is economic growth beneficial for global economies? Economic growth is defined as the expansion of the productive capacity of an economy. An increase in resources causes an area to produce more goods or services in a given period of time – as shown on a production possibility frontier (PPF) diagram‚ where the curve shifts outwards. The PPF is a curve showing the maximum combinations of goods and services that can be produced in a given period with available resources. The improvement
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Breakfast in ancient Rome was light‚ and one of the smaller meals of the day. Also‚ there wasn’t that much food that the Romans ate at breakfast‚ “To start the day‚ breakfast or ientaculum‚ was also light‚ sometimes merely bread and salt but occasionally with fruit and cheese” (Cartwright). “The Romans ate a breakfast of bread or a wheat pancake eaten with dates and honey” (Barrow). “This would be eaten early‚ probably as soon as the sun rose and would include bread and fresh fruit” (History On The
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related to the company itself‚ rather than the stock’s price movement or the overall state of the market. Profit Margin Anal ysis A company’s stock price‚ in large part‚ is driven by the company’s ability to generate earnings. Therefore‚ it is useful for investors to analyze the profitability of a company before investing in it. One way to do this is by calculating and tracking various profit margins‚ which reflect how efficiently a company uses its resources. Profit margins are expressed as
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The authority of an agent is the act which he is allowed or authorised to do by his principal‚ and which will bind his/her principal. Usually‚ the principal will only be bound by the act of the agent if the agent acts within his/her authority. There are two types of authority which an agent could rely on‚ namely actual authority and apparent or ostensible authority. Actual authority is the authority given by the principal to the agent and could be in written or oral form. The capacity of an
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Service Industries are Important in Building Economic Growth Table of Contents Executive summary iii 1.0 Introduction 1 1.1 Overview of the task 1 1.2 Report
Free Economics Economy Tertiary sector of the economy
except Not commonly seen even from unpublished writers‚ who are probably familiar with the difference because they’re all waiting for an acceptance! “We accept your invitation to your party‚ except for Bill‚ who will be away on that day.” However‚ I recently saw (on a publisher’s web site!) the statement‚ “We are excepting submissions … ” Can you believe it? adapt‚ adept‚ adopt Adapt means to adjust‚ adept means skilled and adopt means to take as your own: “Some people cannot adapt to new surroundings
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National Income Determination Introduction • A key objective of Macroeconomics is to explain GDP growth and its fluctuations • Therefore‚ need to understand the forces that determine GDP (“National Income”) • John Maynard Keynes in his “General Theory of Employment‚ Interest and Money” (1936) developed a model of income determination • Known as Keynesian Theory of Income Determination • Aggregate spending / demand determines the level of aggregate output Concepts and Functions Actual
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influencing economic growth through a number of channels. The contribution that monetary policy makes to sustainable growth is the maintenance of price stability. Since sustained increase in price levels is adjudged substantially to be a monetary phenomenon‚ monetary policy uses its tools to effectively check money supply with a view to maintaining price stability in the medium to long term. Theory and empirical evidence in the literature suggest that sustainable long term growth is associated
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