The only real solution is supply side policies to increase productivity this

The only real solution is supply side policies to

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The only real solution is supply-side policies to increase productivity, this enables higher growth without inflation. Recession: A period during which aggregate output declines .Conventionally, a period in which aggregate output declines for two consecutive quarters. Expansion or Boom: The period in the business cycle from a Trough up to a Peak during which output and employment grow. microeconomics - It is the branch of economics that studies individual units such as households, firms and industries. It focuses on studying the economic behavior of specific markets, market prices, revenues and costs of production etc at the individual market level macroeconomics - It is the branch of economics that studies economic aggregates. It is concerned with the workings of the entire/ wider economy, including the measurement and determination of national income, output and expenditure, and the consequences for employment and inflation. defination INTERNATIONAL TRADE: It is defined as trade between two or more partners in different countries (an exporter and an importer). TARIFF is a tax on imports. The product will become more expensive and favour domestic goods. It is also a major source of income to government. QUOTA specifies the maximum amount of a good that is permitted into the country from abroad per unit of time. This is the maximum amount of goods that are permitted in the country from BROAD WITH A SPECIFIC PERIOD OF TIME. ABSOLUTE ADVANTAGE: The advantage in the production of a product enjoyed by one country over another when it uses fewer resources to produce that product than the other country does. Some countries will be more efficient than others in producing certain goods and services, because: highly-skilled and educated labour force
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better commercial and economic environment COMPARATIVE ADVANTAGE: The advantage in the production of a product enjoyed by one country over another when that product can be produced at a lower cost in terms of other goods than it could be in the other country. Specialization - This occurs when each nation does what it does best and incurs a lower opportunity cost. This allows nations to gain from Economies of Scale and exploit their entrepreneurial and management skills and the skills of their labour force. MERCANTILISM is a doctrine that holds that exports are good for a country whereas imports are harmful. Export Subsidy – is a government policy to encourage export of goods and discourage sale of goods on the domestic market 3types Production method Income method Expenditure method
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