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Some economic concepts (FACTORS THAT AFFECT NATIONAL INCOME (Land, Capital…
Some economic concepts
Factor price
Revenue Price (or Factor Cost) = Market Price – Net Indirect Taxes
Net Indirect Taxes = Indirect Taxes – Subsidies
Hence, Factor Cost = Market Price – Indirect Taxes + Subsidies
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Definitions
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Development
It is shown by qualitative improvement of circumstances. This means something developed the quality of whole improves