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Economic Growth:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income. A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.Economic planning involves the conscious allocation of resources by the government to the various sectors of the economy to promote rapid economic growth. This is done through development plans. There are three dimensions to development planning namely: resources accumulation resource allocation and resource management.A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to know e.g. sex, age, educational and occupational backgrounds, religious affiliation, nationality, etc.
Public-Private Partnerships (PPPs):A form of financing public investment and sometimes the direct provision of public services, in that finance is provided by private investors (in
Proportion of Workers in Organised and Unorganised Workers: Increasing share of employment in unorganised sector reflect the deterioration in the quality of employment because
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
For each of the following scenarios, you use a SS & DD diagram to demonstrate the effect of a given shock on equilibrium price and quantity in specified competitive market. Explain
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
List and describe the determinants of the price elasticity of demand and of supply.
•Create a demand schedule and a supply schedule for your product.. •Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine
Perfect competition: Perfect completion refers to the market structure in which there are a large number of relatively small firms, each firm having freedom of entry into and
1. How can a nation and its producers determine whether or not it has a comparative advantage in producing a particular good or service? a 2. The above figure show
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