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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.
What are the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects
You are given the following functions in a fully competitive market: Market demand function: Qd = 20 – 3P Market supply function: Qs = 4 + P Where P is price A) In which price s
The Wallpaper Shop, Inc., is a rapidly growing chain of wallpaper shops that caters to the do-it-yourself home remodeling market. During the past year, 15 stores were operated in s
Describe the characteristics of Monopolistic Competition
how does economic theory contribute to managerial decisions?
QUESTION 1 (a) What are the objectives and instruments of monetary policy? (b) "With financial liberalisation, there is a need to shift from direct instruments to indirect m
Discuss (1) the key characteristics of the Chinese economy during the Mao era, (2) the socio-economic shortcomings that China experienced between 1949 and 1976 and (3) t
Assume there are two teams in the league: Los Angeles and Sacramento. Because it is a much larger metropolitan area, the revenue generated at any given winning percentage is hi
1. Three clients of Disrup, Ltd P, Q and R are direct competitors in the retail business. In the first week of the year P had 300 customers Q had 250 customers and R had 200 custom
Explain short run costs breifly.. In analyzing factor cost in an environment, accountants and economists speak much the same language. This is become, in a competitive market,
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