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Answers: 1. Gross Domestic Product of a nation is a measure of total market value of goods and services that the country produces are a given year. Intermediate goods refer to the kind of goods that are made as an input in the production of finished good. GDP includes only market value of final goods and services. As intermediate goods are not directly marketed they are not included in the measure of GDP (Goodwin et al. 2015). Whether a good i...Read More
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Answer: 1). Monopoly means when the single Firm or Company Produces the Product. Natural Monopoly generally occurs when the total Fixed Costs are very high. When the demand curve intersects the Average total Cost (ATC) the Government wants to set the Price because if they are left unregulated they will Produce less quantity and will charge a Price much higher .Thus arises the need of regulation. Example of such situation is w...Read More
Answer: Underemployment: underemployment measures employment and utilisation of labour within an economy for analysing that how this economy has utilised its labour force based on their skills, availability of work and experience (Angrave & Charlwood, 2015). Underemployment have different forms, for instance, high skilled workers doing low skill jobs, high skilled workers but doing jobs with lower salary and part-time works who deserve ful...Read More
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