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Explain Why the Percentage of the Population That Is Age

question 22

Essay

Explain why the percentage of the population that is age 65 and over is a simple indicator of population aging. Discuss the limitation of using this measure an indicator of population aging.


Definitions:

Quantity

The amount or number of a material or immaterial good considered as a unit or units.

Economic Profits

Profits after subtracting both explicit and implicit costs from total revenue, representing earnings that exceed the opportunity cost of all resources.

Monopolistic Competition

A market structure in which many companies sell products that are similar but not identical, allowing for competition on factors other than price.

Long Run

A period in economics where all factors of production and costs are variable.

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