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-Define the following concepts or terms: -The Lorenz curve. -Progressive Tax. -Labour force. -Import tariffs. -Nationalisation. -Financial intermediaries. -One complete business cycle has four elements/phases.
-Define the following concepts or terms: -The Lorenz curve. -Progressive Tax. -Labour force. -Import tariffs. -Nationalisation. -Financial intermediaries. -One complete business cycle has four elements/phases. Illustrate and explain the business cycle and clearly indicate the four phases for a complete cycle. -List two leakages from the basic circular flow of income and spending. -Differentiate between seasonal unemployment and frictional unemployment and provide a relevant example of each.
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