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Recent Post

Meaning and Types of the Production Function

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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Concept of Production, Total, Average and Marginal Product

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

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

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

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

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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