Examlex
What is economic growth theory? What does it seek to distinguish, and why is it difficult to do this?
Technological Advances
Refers to progress in scientific knowledge that enhances or improves technology, making processes more efficient, products more useful, or services more accessible.
Output Effect
The possibility that when the price of the first of a pair of substitute resources falls, the quantity demanded of both resources will increase.
Present Consumption
The use of goods and services for immediate satisfaction or needs, as opposed to saving for future use.
Loanable Funds
The supply of available capital in the financial markets for borrowing, which can be used for investment purposes by individuals and businesses.
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