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Microeconomics

Division of Labor Assembly Line Division of Labor Definition - The division of labor refers to the segmentation of tasks, so each person focuses on a specific part of the production process.

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Consumer Surplus Definition and Example - A consumer surplus is defined as the gap between what consumers are able and willing to pay, and the actual…

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Public Goods Definition - A public good is a good whereby no individual can be excluded from benefiting from it. In other words, everyone…

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Human Capital Definition - Human capital refers to the skills, habits, and other attributes each person possesses. In other words, the attributes that contribute…

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Macroeconomics

Foreign Direct Investment (FDI) Definition Foreign Direct Investment (FDI) Definition - A foreign direct investment (FDI) is where an individual or business from one nation, invests in another. This could be to start a new business or invest in an existing foreign owned business.

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Fiat Money Definition - Fiat money is a currency without any underlying value, but which value is derived by government. In other words, it…

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Protectionism Definition - Protectionism is whereby nations aim to prevent or restrict the supply of goods coming into the country. In other words,…

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Budget Surplus Definition - A budget surplus is where government brings in more money than it spends. In other words, it receives more in…

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Education

college graduate - free college ‘Free College’ Would Make Degree’s Worthless - 'Free College' Would Make Degree’s Worthless When the government pays for free college, it is risking the money of the average taxpayer—money that would have a more effective use when directed by natural market forces. College enrolment rates for US…

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Why Free Markets are Important - According to the Collins Dictionary, a free market is an economic system that allows supply and demand to regulate prices,…

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