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Low standards of living:
In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifested quantitatively and qualitatively in the form of low incomes (poverty), inadequate housing, poor health, limited or no education, high infant mortality, low life and work expectancy and sometimes a general sense of hopelessness. Income levels in Ghana and Nigeria are relatively low as compared to levels in the developed world. The distribution of GDP is also severely unequal.
Explain the detail central problem of an economy?
what is the theory of second best? prove the theorem with the help of a diagram.
Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model
Situation is where a luxury is there. There is the snob appeal possibility where the higher the price, the more desired the commodity it. Often people will drive expensive cars, e
Define the price ceiling A price ceiling is a highest price that sellers can charge for a product.
Mixed Economic System and how can this system solve the economic problem, with example?
Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
National Income Determination: National Income Determination deals with what determines the size of a nation’s national income. The size of a nation’s national income is deter
What is Economics? Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
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