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The available means in the environment can never at any time be in abundance to satisfy all human needs. Get My Discount Economics homework help: With loans comes interest that shows an increasing trend thus resulting in increase debts.
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Choice consequently arises due to shortage of resources. If the change is evaluated at the prices of some base year, it is called real GDP. There is a strong relation among the fundamental concepts of economics. When the payments surpass the expenses, the government stays in budget surplus, but if the case is opposite, i.
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Applications Of Economics 1. Accordingly, financial portions have an immediate relevance in taking several managerial decisions.
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