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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.
Question: i) Explain the main problems with government intervention. ii) Why and how do governments seek to control monopolies? iii) A country should specialise in the pr
Jane receives utility from days spent travelling on vacation domestically(D) and days
Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be
Capitalist Economy: Under capitalist economy factors of production are owned and managed by private entrepreneurs. Production takes place on. the initiative an enterprise of the pe
What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
x-3y+6z=1 2x-5y+10z=0 3x-8y+17z=1
Because of your reputation as an expert in economic analysis, you have been hired as vice president of a business consulting firm named Economists R Us. This firm provides consult
What is Rubenstein''s model in Game theory? A Rubinstein bargaining model is mainly refers to class of bargaining games which is main feature of alternating offers through an infi
Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and
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