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What is Economic development theory?
Economic development theories and models seek to describe and predict how the:
• Economies may develop or not over time in excess
• Barriers to growth can be known and overcome
• Government can encourage or start, accelerate and sustain growth with suitable development polices.
What are the formal and informal sectors? Formal and informal sectors: Economic activities considered as to the government make up the formal sector of the economy. That
What are Harrod-Domar restrictions? Harrod-Domar restrictions: • Non economic social, cultural, political and institutional circumstances are unimportant into growth pro
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