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Pakistan's industrial sector accounts for approximately 19.12% of GDP. [69] In 2021, it recorded a growth of 7.81%, compared to the negative 5.75% in 2020. [ 74 ] The government is privatizing large-scale industrial units, and the public sector accounts for a shrinking proportion of industrial output, while growth in overall industrial output ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. [1] [2] In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity.
The derived demand curve answers the question what quantity, x, of the selected factor of production would be demanded at an arbitrary price, y, under the above conditions. The inverse of the relationship, y = f (x), is the graphical representation of Marshall’s derived demand curve for the selected factor of production. [ 2 ]
[12] If price elasticity of demand is calculated to be less than 1, the good is said to be inelastic. An inelastic good will respond less than proportionally to a change in price; for example, a price increase of 40% that results in a decrease in demand of 10%. Goods that are inelastic often have at least one of the following characteristics:
There are many streams students can choose for their 11 and 12 years, such as pre-medical, pre-engineering, humanities (or social sciences), computer science and commerce. Each stream consists of three electives and as well as three compulsory subjects of English, Urdu, Islamiat (year 11 only) and Pakistan Studies (year 12 only).
Aug 27, 2023; Atlanta, Georgia, USA; Xander Schauffele plays his shot from the sixth tee during the final round of the TOUR Championship golf tournament at East Lake Golf Club.
It answers the question "At any given price level, what is the quantity of goods demanded?" The graphic model shows combinations of interest rates and output that ensure equilibrium in both the goods and money markets under the model's assumptions. [49]