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Is an unequal distribution of income and wealth a problem? Explain in short.
Yes: because specified no government intervention, which on very low incomes cannot afford necessary goods and services and therefore experience social exclusion. High inequality produces alienation, threatens social cohesion and encourages crime.
No: because low inequality implies minimal profits and minimal differences into incomes incentives are necessary to reward risk taking entrepreneurs and employees to undertake overtime and look for promotion. Wealth finally trickles down.
Development Strategies are explained as follows: Keeping the reasons for the persistent poverty in the LICs aside, there are three broad progress strategies which have been ado
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 do economists group countries at various stages of development? There are three major forms of classifications: • IMF: Developing and industrial, transitional economi
Marris'' Model OF MAXIMISING POLICY
How can external trade promote economic development and growth? International trade permits increased specialisation than higher output permits economies of scale. • A big m
what are the abstracting and indexing services in social science?
Why are the terms of trade deteriorating for Less Developed Countries? Problem: The substantial decline within real commodity prices and the deterioration into the terms of
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
What is a firm
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
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