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The concept of the elasticity of substitution was developed by two different economists, each with their own focus. One of these economists was John Hicks, who defined elasticity of substitution as the change in percentage in the relative number of factors of production used, given a particular change in percentage in relative prices or marginal products.
In its balance of payments accounts, Japan has traditionally run a deficit in services. Trade in services includes transportation (freight and passenger fares), insurance, travel expenditures, royalties, licensing fees, and income from investments.
The Organisation for Economic Co-operation and Development (OECD; French: Organisation de coopération et de développement économiques, OCDE) is an intergovernmental organization with 38 member countries, [1] [4] founded in 1961 to stimulate economic progress and world trade.
Samsung Group [1] (Korean: 삼성; Hanja: 三星; RR: samseong; stylised as SΛMSUNG) is a South Korean multinational manufacturing conglomerate headquartered in the Samsung Town office complex in Seoul.