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Meaning and Types of the Production Function
Meaning of the Production Function The technical process that links inputs to the output of a good is known as ...
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Production, Total Product(TP), Average Product(AP), and Marginal Product(MP)
Meaning of Production In economics, production means the creation of utility for sale. The act of creating utility is done ...
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Capital Formation Process
Meaning of Capital Formation All the man-made factors used in further production are known as capital. Capital formation, therefore, refers ...
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Characteristics of Developing Countries
The countries in which the process of development has started but not completed and having a developing phase of different ...
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Differences between Closed Economy and Open Economy
An economy that does not involve in overseas trade is known as the closed economy and an economy having participation ...
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Introduction to Open Economy
Meaning/Introduction to Open Economy The economy in which there is the provision of international trade or foreign trade is known ...
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