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Gossen, a German economist, is the first to explain the law of diminishing marginal utility based on general observations of human behavior. Therefore, the law is also termed as ‘Gossen’s first law’.
A summary of all domestic factors which lead to Economic Development. Specially useful for IB students.
Development should be people-centric aiming to increase people's capabilities. It is inherently a multidimensional activity, not limited to economic growth alone.
Pakistan inherited an extremely narrow economic base at the time of Partition in 1947 Since then, the Government of Pakistan is making rigorous efforts to build up infrastructure and productive potential of the economy...
The production function provides information about the quantity of factor inputs as to the result of the quantity of outputs and this is measured by total product; average...
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