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Reasons for development planning:
To maximize the utilization of economic resources: The resources of any nation are not always enough for her use. In this wise, resources must be allocated in such a way that they achieve maximum utilization of them.It is through the proper allocation of their resources that nations can accelerate their pace of economic development.To correct the imperfection of the market system – The market system in reality is not perfect and therefore allocation of resources which occur under perfect competition model does not happen. There is therefore the need to interfere to ensure efficient allocation of resources
To ensure balanced growth: planning may be used to ensure balanced growth for all sectors of the economy.By this there will be uniform growth and provision of complementary services and intra sectoral linkages.
With the aid of a diagram explain the long run average cost curve and the influences upon it.
what is chemical combination
AskPharmaceutical companies can expect to earn large profits from blockbuster drugs (for high blood pressure, depression, ulcers, allergies, sexual dysfunction) while under patent
What is the classical model's explanation for involuntary unemployment? According to the classical model, involuntary unemployment only increases when there is something impedi
International Comparisons Method In the 1960s, a few developing countries of the world looked around the developed world in search of models of development. For instance, Sout
Diseconomies of Scale A rises in a firm's cost of producing an additional unit as all another factors of production rising. Diseconomies of scale can be caused by poor and ine
A " properly mixed strategy " means a mixed strategy that does not assign all the probability to one pure strategy. In other words, it is not a pure strategy. Consider a simultaneo
Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.
Why is human capital so important in the development process? Explain human capital in terms of (the sum of) education/training/experience/ literacy etc, and clearly show how t
Policy Implications: The expansion of the services sector has wider implications for population, employment, and trade prospects of the economy, some of which are as follows:
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