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Aggregate demand (AD) is the total demand for all finished goods and […]
Asymmetric information is a concept in economics that refers to a situation […]
The basic economic problem of scarcity refers to the fact that there […]
Economic goods Economic goods are those that use resources and therefore have […]
The factors of production is an economic term which describes all inputs […]
The new classical perspective In the new classical model, full employment describes […]
Macroeconomics is a branch of economics that examines the economy in the […]
Microeconomics is a branch of economics which examines the behaviour of individual […]
The LRAS is an addition to the AD-AS model, which is used […]
In economics, the opportunity cost of a particular choice is the value […]
Perfect competition is an ‘ideal type’ of theoretical market structure which economists […]
A production possibility frontier (PPF) shows all of the maximum combinations of […]
Productive efficiency Productive efficiency refers to the level of output where a […]
The short-run aggregate supply (SRAS) curve shows the relationship between the total […]
The business cycle, as shown below, refers to the observed pattern of […]