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What are economic systems?
An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are four types of economic system.
a. Traditional economy
b. Free market economy
c. Planned or command economy and
d. Mixed economy
QUESTION No point is better accepted than the fact that the monopoly price is higher and the output smaller than what is socially ideal. The public is the victim. (a) Distin
What are the limitations of comparative advantage? Limitations of comparative advantage: International trade needs wide specialisation. This can have drawbacks as given b
What is the success effectiveness of World Trade Organisation in the promotion of development? Success effectiveness of World Trade Organisation in the promotion of developmen
New trade theory
Question The Borneo Shop imports and sells a popular Blue Ray DVD player. The following current information about the business is available: Selling price per play
Question (a) The XYZ Election Commission maintains data showing the voting age population, the number of registered voters, and the turnout for federal elections. The following
Assume that the per capita income in Alfaland (with initial high per capita income) is growing quicker than it is in Betaland (with initial low per capita income). Then: the gap in
a. Describe the industry within which your business will be located and describe at least three recent trends in that industry. Note: This information and item b. following may b
• Although the country produced several types of commodities (goods and services) in the year 2002, but this country's Central Statistics Office has grouped such commodities into f
What is the difference between absolute and comparative advantage? Difference between absolute and comparative advantage: • Absolute advantage arises while a country or reg
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