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    gross domestic product (GDP)

    measure of the size of total production in an economy

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Questions & Answers

economics is about to economise . discuss
Angel Reply
join the conversation
abba Reply
what is terms of trade
Ibrahim Reply
different btn import and export
Angel
No question... This is nice
Gbenga Reply
hw can we solve problem of scarcity
Oigebe
scarcity is not necessarily a problem but a constant condition of the world. there are not enough resources to satisfy the unlimited wants.
Matthew
wee need to be cooperative
Zakaria
by unlimited resourses and abundant want
Angel
why do compute GDP?
steven Reply
can anyone shortly determine the word inflation.
Ibrahim Reply
Continous increase in the general level of prices or in the cost of living.
arshad
persistent increased in general price level
Machall
all correct...
paa
inflaction
Angel
the father of economics
Reuben Reply
Adem smith
sj
Adem smith
Ajit
Adem smith sure
Adigwe
the father of economic regarding to adam Smith
Ibrahim
the father of political of economic and capitalism in his book and inquary in to the wealth of the nation.
Umar
Adam Smith his the father of economic
Mamudu
difference between injection and leakage
Asif
what is monopoly
Razak
Monopoly is a market structure where there is one firm who dominate the industry
wisdom
hi,, I am new here. please welcome me.
Mohammad
you are welcome
Adigwe
monopoly is the one characterized by a mkt power in which a firm is a price maker
Festo
Some member just ask questions but not answering so y this happen
Festo
Monopoly is a market where only one seller exists. No competition
Fred
how long does the patent right prevail the monopoly
Festo
no attempt
Zakaria
what is state farming
Sadiq
anybody to attempt
Festo
different types of price elasticity of demand with the aid of graphs
Tshepo Reply
what about mean median and mode
Dike Reply
mode is the most occurred number and median is the middle digit
John
the mean is the sum of all the data divided by the number eg: 2+4+4+5+3+5+1 =24÷7
BEGE
economics
ghani
what is exchange rate
Festo
thanks guys
Runwell
What is Equilibrium?
Santos
that when supply equals demand. that's where the supply curve and the demand curve intercept.
Oladele
equilibrium is when the both side of the price is balanced
Asuquo
Thanks Asuquo Agwuu
Santos
what is paradox Of drift
doris Reply
***economicsdiscussion.net/income/concept-of-paradox-of-thrift-with-diagram-micro-economics/713
lungku
it's thrift not drift
lungku
so what is it sir
Festo
what are the causes of unemployment
Afful Reply
lack of job in the rural areas
Nicholas
High level of illiteracy
Muhammad
Unfulfilled government promises
Vee
this one no be problem waii
Nicholas
low rate of industrialisation
Mimi
elements of economic
Muhammad Reply
Supply demand consumer and money.
Muhammad
please would you explain further about short run and long run
Doris Reply
Can someone please tell about any social economic issue
Abdul Reply
what is economic growth
Enone Reply
Good morning. It is within a period of time that goods and services increase to become more efficient.
Hughes
Economic growth is also the growth of income and it can take place under conditions of high unemployment and general poverty.......
favour
I fink av answered your question
favour
Can someone please tell me about any Social Economic issue ?
Abdul
what is human capital formation
Thato
It deals with humans behavior
Afful
Can someone mention the types of unemployment
Afful
Interest
Afful
income inequality and poverty can be included as social economy
Festo
what is the relationship btn indifference curve and consumer utility maximization
Festo
what is the the law of diminishing marginal utility
Doris
pls one question at a time
Nicholas
the law of diminishing marginal utility states that , the more a commodity possessed les satisfaction is derived from it
Festo
structural unemployment, seasonal unemployment, disguised unemployment,
Festo
each indifference curve has its own level of satisfaction and for consumer utility maximization a budget line should be tangent to indeference curve.
Festo
let's discuss together guyz come on
Festo
can any one mention elements of economic
Muhammad
start it then
Doris
haw about human capital formation
Festo
Doris I don't understand about human capital formation, so how do u understand it?
Festo
please national income
Adigwe
national income means MKT value of all final goods en services in particular particular period of time usually a year
Festo
The transformation of raw human resource into highly productive human resource with these input. Human resource can be turned into human capital with effective input.
Doris
Muhammad, as in environmental sense ?
Hughes
From my understanding I am currently taking up Econ 302 Principles of Economics. There's 3 that I know of. 1. Traditional 2. Command 3. Market
Hughes

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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