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What are the major area of decision making ? How does economic theory contribute to managerial decision ?
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
QUESTION 1 i) Use a simple human capital model to explain the rationale for undertaking higher education ii) Why do some people vary significantly in the amounts of human ca
What is capital accumulation? Capital accumulation simply implies an increase into a country is stock or amount of capital over time. It requires net investment, which is inve
QUESTION In several countries recently, many people have become unemployed. Analyse the different types of unemployment in an economy. Explain the likely causes and conseque
What are the similarities among the developing economies? Common characteristics of LDCs (Less Developed Countries) include: • Low living standards (that is low real income
Can less developed countries economies grow by developing services as tourism? Less developed countries economies grow by developing services as tourism when: The less deve
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 the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects
What are the traditional, modern sectors and rural-urban migration? Rural-urban migration: Rural-urban migration is the movement of labour through the countryside to cities
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