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How does resource enhancement improve development? Enhancements in the quantity and quality of resources increases productivity hence incomes. Enhanced management raises outpu
Is structural change a problem? Economies are dynamic and adapt to meet evolving consumer wants needs. This means resources are moved from use to use in response to, say, chan
How do institutions influence development? Institutions development influence: Institutions matter since they give opportunities for people and firms to participate into
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What is the Third World? Third World: Developing countries are sometimes termed as collectively like the Third World. Such term can cause offence within developing nation
Describe the characteristics of Monopolistic Competition
Is agricultural price instability a problem for Less Developed Countries? Problem of agricultural price instability for LDCs: a. Several Less Developed Countries have a com
explain how inflation could reduce the efficiency with which prices allocate resources.
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Why is not Aid improving development? Aid not improves development because: • Aid is spent on current consumption • It is spent on unsuitable capital as opposed to suitab
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