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explain the role scarcity of resources plays in economic decision making
What are the assumptions of Lewis? LDCs (Less Developed Countries) have two (dual) economies as: • Rural traditional economic and social practices, which overpopulated, s
what is reasoa
What is factor endowment problem? Factor endowment Problem: Several LDCs have a poor factor endowment than productivity and incomes both are very low according to world
Mr. M enters into a contract with Mr. R under which R agrees to build a model railroad for $200. The value of the model railroad to M is $300. Expecting that the model railroad wil
What is social inclusion? Social Inclusion: Social inclusion implies the whole of society enjoys the advantages of economic activity (as income) and have complete access
1. Three clients of Disrup, Ltd P, Q and R are direct competitors in the retail business. In the first week of the year P had 300 customers Q had 250 customers and R had 200 custom
Is low savings a problem? Countries along with low savings are caught into the vicious circle of poverty: there low savings, implies low investment low productivity therefore
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
You own a small retail business that produces a product that is slightly different from that of your many competitors. Your firm is currently making an economic profit. The absolut
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