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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.
The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities,
Private Returns Versus Social Returns As there is subsidisation of education by the state in all countries (and a little higher subsidisation in developing countries) it happe
Unemployment: Individuals who want to be employed, and are actively seeking work, but can't find a job, are considered ‘officially' unemployed. Individuals who aren't working, but
Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.
what is The most important source of oligopoly?
Question: (a) Describe the two major developments which have led in the adoption of Import Substitution Industrialisation by Developing Countries in the 1940s/50s. (b) Ill
Question 1: (a) Describe what is Economic growth and describe its relationship with standard of living? (b) Assuming you are the government economist, what policy measures
#question about International Buffer Stock Agreements, define International Buffer Stock Agreements with briefly. International Buffer Stock Agreements seek to stablise the commod
Q. What is Heterodox Economics? Heterodox Economics:Different schools of thought (including post-Keynesian, Marxian, structuralist and institutionalist economics) which reject
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