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Sources of Economic growth:
Human resources: Investment in human capital is considered as an important factor for economic growth. This is done by increasing the quality of a nation’s labour force through education and training in advance technology. It has also been proved that literacy not only improves productivity but also makes an individual more adaptable to new challenges.
Natural resources: Availability of natural resources (land and mineral) to a nation is also a vital source of growth. It is not only the availability of these resources but the extent to which they are exploited. It should be noted that for the exploitation of these resources care should be taken not to sacrifice the environment. This means that growth through exploitation of these resources should be sustainable and maintain environmental quality.
Define the price ceiling A price ceiling is a highest price that sellers can charge for a product.
short run equilibbrium
Explain how the price system eliminates a surplus. The meaning of surplus is that quantity demanded is less as compared to the quantity supplied. This will lead to downward pr
edge worth model
what is bains theory ? describe with the diagram
1. National Marine Fisheries Service is considering closing a large area of federal waters to fishing in Alaska due to negative interactions of fishing with endangered Steller sea
Question : (a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether c
The End of the Productivity Slowdown As computers improved and spread throughout the U.S. economy in 1970's and 1980's economists kept waiting to see the wonders of computing
in the context of managerial economics how do you explain a rational producer.illustrate giving example.
Employment The calculations of human input in the production procedure. In the United States, there are two major measures of employment, as determined by the Bureau of Labor
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