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Why does economic development engage structural change?
The process of development needs structural change. Usually economies develop by moving resources through agricultural and mining to manufacturing and ultimately in the tertiary as services sector.
For economists as Lewis, economic growth needs structural change into the economy for example, a movement of workers by low value added agricultural sector to higher value added to service and manufacturing sectors.
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
Ask quWhich one of the following is TRUE? a. Small changes in the annual growth rate amount to a measurable difference in the long-term growth trend of a country. b. For ev
There are many benefits to a free market economy. They range from the moral issues to the practical issues. We will deal mainly with the practical ones. Unprecedented innovati
Why are economies developed of less developed countries by growing its secondary sector? Economies cannot grow of less developed countries by developing its secondary sector si
with a water park going in town. What kind of externality is this?
How does economic system influence the development process? The development experience of free market or capitalist and command as socialist/communist countries is extremely d
Explain about the term underemployment and unemployment rate. Discouraged employees are non-working people who are able of working although are not actively in search of a job.
What are the restrictions of dependency theory? The restrictions of dependency theory: • Self sufficiency and import-substitution strategy mean the advantages of Internatio
Is ownership of change important for development? Successful polices depend onto countries owning the process. When the economic reforms required for development are considere
The values for the long-run ATC curves of three different firms are listed in the table below: Quantity ATC 1 ATC 2 ATC 3
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