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What are the advantages of informal economy? Advantages of the informal sector: • Employment, opportunities and income. • Offers cheap inputs for the formal sector •
Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competitio
Discuss about the free market economy in short. Free market economy: Households own resources and markets assign resources throughout the price mechanism. An increase wi
Is structural change a problem? Economies are dynamic and adapt to meet evolving consumer wants needs. This means resources are moved from use to use in response to, say, chan
What is the function of the International Monetary Fund, in the promotion of development? The International Monetary Fund (IMF) is the central institution of the international
How is supply related to opportunity cost?
What are factor endowment implications? Implications of factor endowment: • Less Developed Countries to specialise and export labour intensive goods, agriculture or commodit
uses of discounting principals
(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the comm
abnormal supply curve
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