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Explain the importance of well-established property rights in the method of development.
Definition of property rights should not begin and end with owning land and buildings but have a much wider scope. Property rights encompass also the use of land/buildings in accordance with contractual rents - and also any resulting output resulting from economic activity. Property rights enable households and entrepreneurs to borrow against both existing ownership deeds (to land or capital) and also future gains like output and profits. Lack of property rights serve to keep poorer households powerless and also act as a disincentive to improve use of land and capital.
How the above would apply to non-renewable resources such as oil. This has general applicability to any competitive market. The issue here is that potential supply has a finite
The Productivity Growth Slowdown However in 1973 steady trend of climbing rates of productivity growth stopped cold. Between 1973 and 1995 measured growth in output per worker
Review: Full, Anonymous: No Answer each of the following questions using economic theory covered in this lesson. 1. Marginal revenue product is defined as the change in total
Q. Define Credit? Credit:Ability to purchase something without immediately paying for it - through a credit card or bank loan, a mortgage or any other forms of credit. Creation
Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri
You are the final voter in a brand new start-up league, the Ultra Fun Foosball League (UFFL). The directors are looking to you to make the decisions on how many teams to place in a
Question 1 (9 marks) During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following mark
if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra
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