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What are economic systems? An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
Why do state approaches work into promoting development? State planning and intervention is desirable due to the shortcomings of markets. The approaches range of state through
case study on diamond price and petrol price for exxception to the law of demand
relationship between tfc , tvc , tc
If the Government decreases the interest rates on capital goods such as new plant and equipment and building. Investment also include spending on working capital such as stocks of
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
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
Define the balance of payments problem in international capital flows. Balance of payments (BoP): It inflows capital as like: • Foreign direct investment (FDI) into machiner
QUESTION (a) Explain the relationship between scarcity, choice and opportunity cost. (b) What is market failure and why does it occur in an economy? (c) Differentiate, us
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