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When it works, government "industrial policy" that funnels critical capital to just the right ventures and facilitates market coordination-in contrast to usually messy market competition-is quite compelling. What primary unappealing aspect of industrial policy leads a lot of economists to prefer the messiness of market competition?
How is supply related to opportunity cost?
1. How would you describe a market economy? 2. What distinguishes a market economy from a command economy? 3. Is there a role for government intervention in the Australian econ
What are the characteristics of the informal sector? The characteristics of the informal sector comprise: • working for yourself quite than an employer, • Small scale ent
why does the quantity of salt demanded tend to be unresponsive to changes in its price?
What are the processes of industrialisation for productivity? The process of industrialisation increases productivity and per capita incomes and includes: a. Urbanisation
What are the advantages of informal economy? Advantages of the informal sector: • Employment, opportunities and income. • Offers cheap inputs for the formal sector •
explain how inflation could reduce the efficiency with which prices allocate resources.
What are Rostowís assumptions? Assumptions of Rostowís: • Economic development procedure is universal which is all countries whether within Africa or Asia go by the same se
Is agricultural price instability a problem for Less Developed Countries? Problem of agricultural price instability for LDCs: a. Several Less Developed Countries have a com
What are the disadvantages of a informal economy?
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