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Low levels of productivity:
In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the developing world, levels of labour productivity (output per worker) are extremely low compared with those in developed countries. In crop production, rural small-scale farmers form the majority of the producers. Their productivity level is low due to the use of rudimentary tools (such as hoes, cutlasses and sticks) and simple and outmoded technology.
Structuralist Economics:Its a form of heterodox economicsthat emphasizes relationships betweenincome distribution, effective demand and political and economic power. Structures:
the difference between an lc3 and other types of businesses is that
Within analysis of perfect competition, we distinguish between the short run and the long run on the basis that use of some input factors is fixed in the short run, but variable in
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
limitations
1. What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities? 2. What are
advantages and disadvantages
what is the functions of commercial bank ..
Ask quesIn your own words describe how a market would adjust in situations of: a) Excess Demand b) Excess Supply c) Equilibrium As a follow up you might think about what effects
Choosing Inputs How to minimize cost for the given level of output. We can do so by combining Isocosts with Isoquants Producing a
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