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QUESTION
(a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost.
(b) Distinguish between positive and negative externalities, illustrating your arguments with appropriate examples where necessary.
(c) Define the concept of economies of scale and discuss the different sources of economies of scale.
(d) Using demand and supply analysis, explain the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.
Why does economic development engage structural change? The process of development needs structural change. Usually economies develop by moving resources through agricultural
Question 1: Poverty reduction is generally influenced by changes in average income and income redistribution. Thus, in practice it is hard to adjust to the right balance betwee
Problem 1: (a) In what specific ways does Becker's model of the allocation of time differ from the simple work-leisure choice model? (b) Compare and contrast the functioning
theory of profit maximisation
Define institutions in the context of business strategy, and explain the role of institutions when considering entering a foreign market. Explain the role of culture in how these i
What are Newly Industrialised Countries (NICs)? Newly Industrialised Countries: Recently Industrialised Countries (NICs) are LDCs which have undergone recent, quick indus
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what are the types of technical economies?
QUESTION ‘To assist policy makers discern e-Government initiatives in relation to their responsibility vis-à-vis other governmental issues, it is critical that the Governmen
Question: There are currently some 421 Regional Trade Agreements (RTAs) around the world. These RTAs normally provide preferential treatment to member countries, which is again
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