List and Explain Three Physical Factors Affecting Community Health

question 7

Essay

List and explain three physical factors affecting community health.

Recognize the tools and effects of fiscal and monetary policy on a country's economy.

Distinguish between GDP, GNP, and other economic indicators and their significance.

Understand the Human Development Index (HDI) and its components.

Identify measures of economic well-being and inequality, such as the Gini coefficient.

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for significant influence over pricing.

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

MC = P

A formula indicating that in perfect competition, the price (P) is equal to the marginal cost (MC) of producing an additional unit.

Economic Profits

The variance between complete earnings and aggregate expenses, taking into account both overt and covert costs.