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It is a market that is constantly changing, for example the mobile phone market.

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Q: What is a dynamic market?
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Because demand curve and supply curve always change market never attain equilibrium does this imply the concept of equilibrium is not useful?

Well it means that equilibrium is basically a dynamic process and it adjusts to the new situation where basic variables of the market has registered changes and the new endowment point becomes the need of the situation.


Describe characteristics of dynamic and stable enviorenments?

Dynamic, as the name suggests, is always changing. It is very hard to follow a dynamic environmentA stable environment is something that doesn't change or doesn't change often.


What are the dynamic process of creating incremental wealth?

dynamic process of creating incremental wealth is called Entrepreneurship. so search on entrepreneurship :)


Dynamic comparative advantage arises from what?

learning-by-doing


WHAT are the static and dynamic effects of a customs union?

as for the static effects: Trade Creation: When trade b/w custom union partners increases, this implies a shift in the Union to more efficient, competitive producers Trade Diversion:When imports from the less expensive world market are replaced by imports from a higher cost/less efficient partner country within the customs union Trade expansion: When lower market prices in one partner country stimulates total domestic demand which is satisfied by increased foreign trade with another partner countryI'm not sure about the dynamic effects of customs unions beyond the fact that they include structural adjustment and economic restructuring

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