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Economic growth is a factor of economic development however it does not guarantee economic development. It depends on population growth, the extent the increase increase in GDP and various other factors. ...
Factors of production is an economic term that sets out the input that are used the prouction of goods and services to be sold on a market for profit. These factors of production are land, labor, capital ...
A cut in income tax means that workers have more disposable income. They are likely to spend some of this rise in income, leading to more demand in the economy. Firms will raise output to meet the increas...
The graphs I made unfortunately aren't copy/pasting here unfortunately but I can redraw them on the whiteboard. Income tax is a tax levied on consumer income, collected by the government. Aggregate demand...
An example introduction to an essay question would be: Under perfect competiton we make the follwing assumptions: Homogoenous products. There are many buyers and sellers and each one is so small that no i...
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