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Problem:
i) Differentiate between economic development and economic growth.
ii) Describe carefully how, using the expenditure approach, national income is calculated.
iii) Critically analyse the different measures of economic development.
iv) Describe using diagrams why a 10% increase in investment leads to a higher percentage increase in National Income?
graphical illustration describing the influence of an increase in immigrants on the market supply of labour
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edge worthmodel
Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.
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solution of central problem of an economy
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