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Explain about the term Traditional Economy.
Traditional economy:
It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. As like an example, men follow the occupation of their father as for example, farmer while women are normally homemakers preparing meals. Land is normally held into common that is private property is not well described.
Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a
how the concept of elasticity used for decision making
elasticity concept occupies a central place in policy formulation
with a water park going in town. What kind of externality is this?
Explain about the term Traditional Economy. Traditional economy: It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. A
How does product life cycle works
Problem 1: (a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this i
Are patterns of trade a problem? Generalising Less Developed Countries have a comparative advantage into primary products and employment intensive manufacturing; Developed Cou
What is the function of a Quality Plan? Who must create it? The Quality Plan effectively defines how the work is to be executed and this is complementary to the Project Plan th
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