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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
Define methods which can be used to monitor supplier performance. Methods to monitor supplier performance are as follows: a. Approval of designs: The organisation comments o
What are Harrod-Domar restrictions? Harrod-Domar restrictions: • Non economic social, cultural, political and institutional circumstances are unimportant into growth pro
1. (classical monopoly pricing) A monopolist faces a demand curve q (p) = 100 p: (a) If its cost function is C (q) = 2q; what is the optimal level of price and quantity? (b
Ask question #. Explain why under fixed exchange rates the monetary policy is not effective#
Is structural change a problem? Economies are dynamic and adapt to meet evolving consumer wants needs. This means resources are moved from use to use in response to, say, chan
Question 1: (a) Clearly distinguish between the theories of Absolute and Comparative advantage of trade. (b) According to you, can the ‘Factor Endowment Theory' be a reaso
What are Less Developed Countries (LDCs)? Less Developed Countries: Developing countries are frequently considered to as less developed countries. The World Bank categor
QUESTION (a) Explain the Law of demand and the factors affecting demand for a product or service. (b) Explain and illustrate diagrammatically how the market demand for a pro
What are the characteristics of developed countries applied to Less Developed Countries? Some of Kuznets' characteristics of a DC (developed countries) can be applied to LDCs (
(a) Name three types of government interventions and 3 economic factors affecting the business environment and with given example explain how these affect the business environment.
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