SUPPLY OF LABOUR Supply of labour may be defined as the total number of people of working age offered for […]
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Category: Economics
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Concept of Labour Force
LABOUR MARKET Labour market is defined as a market which workers and employers are brought into contact and conditions of […]
ECONOMIC SYSTEMS An economic system may be defined as a medium or an organized way by which the means of […]
TOTAL REVENUE (TR): This refers to the total income which a firm derives from the sale of its products. Total […]
This law refers to a short run production situation. The law of diminishing returns states that as more of the […]
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Production possibility curve
A production possibility curve (PPC) is a graphical or diagrammatic illustration of all possible bundles or combinations of two types […]
Effect of imports on the multiplier: Increased importation reduces the sizes of multiplier with a consequent reduction in the size […]
Expenditure on investment goods constitutes part of aggregate expenditure. If investment expenditure is increased, there will be an increase in […]
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Concept of Multiplier (K)
The multiplier measures the effect of a change in any of the components of aggregate demand such as private consumption, […]
SAVINGS: are made up of disposable incomes which are not spent on consumer goods and services. In other words, saving […]