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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.
Explain about the term Traditional Economy. Traditional economy: It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. A
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QUESTION 1 i) Use a simple human capital model to explain the rationale for undertaking higher education ii) Why do some people vary significantly in the amounts of human ca
What happens during a business cycle of economy, and what can be done about it? Business cycle of economy: a. The consequences of recessions and expansions onto unemploymen
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