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Recent Post
Major Properties of the Cobb-Douglas Production Function
In this article, we explain the major properties of the Cobb-Douglas production function Introduction to Cobb Douglas Production Function The ...
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Concept of Stock and Flow Variables
Meaning of Stock Variables A stock can be defined as an amount determined at a particular point in time. On ...
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Concept of Equilibrium and Disequilibrium
Introduction The term equilibrium in the ordinary sense is a state of balance. It indicates the case in which the ...
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Allocation of Resources
Resource allocation plays a vital role in solving economic optimization problems. The productive resources like land, labor, capital, equipment, technology, ...
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Concept of Opportunity Cost
Concept and Meaning of Opportunicty Cost The problem of scarcity and choice gives birth to the concept of opportunity cost ...
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Scarcity and Choice
Scarcity and Choice: The Emergence of Economic Problems Scarcity The wants of human beings are limitless and resources to fulfill ...
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