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How can the savings gap be plugged? Low savings are a barrier type to growth. All developing countries have low incomes therefore low savings. A savings gap can be met through
What are the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects
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
Explain the concept of scarcity, and the role it plays in decision making
Technological development is taking place at a very fast rate in all the fields like mechanical metalluringical chemical electrical and civil. These days every man is surrou
How does population growth produce development? The impact of population growth depends upon the form: • By net migration. When the increase into population is highly skill
why do businesses have to sped money (expenditure)in order to succeed?
Define the planned or command economy system. Planned or command economy: Resources are owned through the state. The state assigns resources, and sets production goals a
what is fixed vs.flexible rate of exchange agreement?
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
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