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What is production possibility frontier (PPF)? Explain.

Production Possibility Frontier (PPF) : In economics, a production possibility frontier (PPF) is a graph that shows the different rates of production of two goods that an individual or group can efficiently produce with limited productive resources. The PPF shows the maximum obtainable amount of one commodity for any given amount of another commodity or …

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What are the differences between microeconomics and macroeconomics?

Differences Between Microeconomics and Macroeconomics:  The study of economics is divided into microeconomics and macroeconomics by the modern economists. Both of them discuss the economical activities but are used in different sectors under different circumstances. In spit of having some similarities, they also have some differences which have been given below. Also Read: What are …

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What are microeconomics and macroeconomics?

The study of economics is divided into microeconomics and macroeconomics by the modern economists. Both of them discuss the economical activities but are used in different sectors under different circumstances. Microeconomics:  The word “Micro” has come from a Greek word “Mikros” which means millions of parts. Microeconomics discuss about individual parts of the whole economy. …

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What are the three problems of economic organizations? How can the three problems of economic organization be solved in free and mixed economics?

Three Problems of Economic Organizations: In every economy; economic organizations, irrespective of their type, have to face and solve three problems of economics. These three problems are as follows, What commodities are produced & in what quantities. How goods are produced. For whom goods are produced. Description and solution to these problems in fee and …

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Define Economics / Definition of Economics / What is Economics ?

          Economics : The word ‘Economics’ has been originated from the Greek word ‘Oikonomia’ which means ‘Management of household wealth’. As being social, humans face various wants and needs. Economics is all about those activities which occur to fulfill these wants and needs. In fact, Economics describes the economical activities of humans …

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Define the term Solution / What is Solution in Chemistry?

       Solution : Whenever two or more than two non-reacting substances are mixed, the resulting system is called a mixture. A solution is a homogeneous mixture of two or more substances in their molecular level.              The component having the same physical state as that of the resulting solution is called solvent, the other …

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