Applied Economics

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Study of economics in relation to real world situations

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Applied economics

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The tension between the limited resources and unlimited wants and needs.

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scarcity

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Which book analyzed how markets organized economic life and produced rapid economic growth?

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The Wealth of Nations

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Greek translation of the word economics

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oikonomia

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government activities towards taxation, borrowings and expenditures

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public finance

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The three problems of economics are what to produce, how to produce, and...

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for whom it will be produced

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Author of the book "General Theory of Employment, Interests and Money"

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John Maynard Keynes

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What was responsible for the rapid technological change and high living standards during the 1980's?

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market

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Marketing of goods and services to different economic outlets for allocations to individual consumers.

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distribution

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This factor of production is paid in the form of rent or lease.

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land