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How does resource enhancement improve development?
Enhancements in the quantity and quality of resources increases productivity hence incomes. Enhanced management raises output from specified inputs:
• Production or output is the value of output (Q)
• Productivity or average product (AP) is output person which is output divided with number of employees AP= Q/L. Labour Productivity can be demonstrated as output per worker or output per hour worked.
Countries along with above average productivity have lower unit costs and a competitive benefit over countries along with low productivity.
How can external trade promote economic development and growth? International trade permits increased specialisation than higher output permits economies of scale. • A big m
elasticity concept occupies a central place in policy formulation. Explain in details.
(a) Name three types of government interventions and 3 economic factors affecting the business environment and with given example explain how these affect the business environment.
I thought I was getting an automatic answer
What is the difference between absolute and comparative advantage? Difference between absolute and comparative advantage: • Absolute advantage arises while a country or reg
(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the comm
Can national income figures be used to make comparisons of standard of living among countries? National income measures the Gross Domestic Product of country and therefore can
In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. H
Create the scatter graph of the monthly return on your corporation (on the vertical axis) versus the monthly return on the S&P 500 (on the horizontal axis)--so there should be 60 d
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