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Define strategic planning. Discuss the steps involved.
Interest
The payment made for the use of (borrowed) money.
Supply of Loanable Funds
The total amount of funds available for borrowing in the economy, determined by savings and influenced by interest rates.
Perfectly Elastic
Describes a situation in demand or supply where quantity changes by an infinite amount in response to any change in price.
Economic Profits
The difference between total revenues and total costs, including both explicit and implicit costs, representing the surplus generated from business operations beyond the normal returns.
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