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Danger of over-specialising
A country may feel that in its long-term interests it should not be too specialized.
A country may not wish to abandon production of certain key commodities even though the foreign product is more competitive, because it is then too dependent on imports of that good. In the future, its price or supplies may diminish. It is for this reason that countries wish to remain largely self-sufficient in food.
An exporting country may not wish to become overspecialized in a particular product. Such over specialization may make sense now, but in the future, demand may fall and the country will suffer disproportionally. It is for this reason that many developing countries choose not to rely solely on their comparative advantage; they wish to diversify into other goods as an: insurance policy".
production function
What is Demand theory: Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consume
Decrease in Demand At the initial equilibrium price P 1 , quantity demanded falls from q 1 to q d . But the quantity supplied is still q 1 at this price. Hence, this
What is Demand theory Demand theory demonstrates the relationship between demand for services andgoods. Demand theory is the building block of demand curve- a curve which estab
functions of economic development corporation
what is the uses of production functns?
The elasticity of a demand curve is frequently judged by its appearance: the flatter the demand curve, the greater the elasticity and vice versa. However this conclusion is mislead
BU 5210 Final Summer 2013 Economic Analysis
Commercial Banks A Commercial Bank is a financial institution which undertakes all kinds of ordinary banking business like accepting deposits, advancing loans and is a member
all theory
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