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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
Problem: (a) Critically asses the difference between economic growth and economic development. (b) Describe the definition of economic development as a multidimensional pro
What are Harrod-Domar predictions? The economy is rate of growth, its predictions depends onto: • Capital formation and accumulation and capital output is the critical to de
helloo?
Define the balance of payments problem in international capital flows. Balance of payments (BoP): It inflows capital as like: • Foreign direct investment (FDI) into machiner
What is Rostowís model? Rostowís Stages of Growth model argues to attain modernity all countries pass through similar stages of development as explained as follows: a. Sta
How is the equality of income distribution measured? The Gini coefficient is a statistical type measure of income distribution. This Gini coefficient is: • 0, which impl
Aska) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the c
What is the effectiveness of Non-Government Organisations, within the promotion of development? Critics argue NGOs (Non-Government Organisations): • Are self-serving and se
What are the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects
what is a micro-finance bank
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