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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
theory of profit maximisation
What is the difference between wealth and income? Difference between wealth and income: • Wealth , which is a stock value that is the current value of assets for example b
sdnflwen
There are three firms in an economy: A, B, and C. Firm A buys $450 worth of goods from firm B and $260 worth of goods from firm C, and produces 260 units of output, which it sells
QUESTION 1 i) Distinguish between the different kinds of concentration measures ii) Briefly describe the axioms of Hannah and Kay (1977) iii) Derive and explain the Dorfm
1. Imagine that two countries, Richland and Poorland can produce just two goods, computers and coal. Assume that for a given amount of land and capital, the output of these two pro
QUESTION 1 (a) Explain the meaning of asymmetric information, adverse selection and moral hazard and their implications on the role of commercial banks in the financial interme
Analyse the effect of contraction phase to the vulnerable society
How does resource enhancement improve development? Enhancements in the quantity and quality of resources increases productivity hence incomes. Enhanced management raises outpu
concept ofexploitation of labour
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