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What are the social economic and non economic factors?
Development is also a procedure involving change in some social economic and non economic factors comprising:
• Economic: structural change into sectors for example, through agriculture to manufacturing dominating GDP, improvement infrastructure;
• Social: people move through rural to cities leaving behind a manner of life;
• Cultural: for example, appointment on merit quite than on the origin of traditional loyalty to family or tribe
• Political: laws insisting on property rights and contracts come out
THE MULTIPLIER ANALYSIS Multiplier analysis explains what happens to circular flow of economic life when the behavior of one of the sectors or the components of aggregate dema
Aggregate supply Remember that labor demand provides us profit-maximizing quantity of L for a given real wage. If W/P is given (as it's in cross model), we can find profit-maxi
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To determine of the wealth is earned by nations by economic activates all around the globe. Gross National Income comprises the total value of goods and services formed within a
Macroeconomic performance The UK's future macroeconomic performance must be judged on how average living standards improve, inflation is kept under control, economy grows and
At first, it may seem obvious that consumption will rely on Y. If GDP is doubled in real terms over a number of years, government consumption, private consumption and investment wi
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Why do some countries have a low real per capita income? Low real per capita income considers being largely due low productivity (i.e., output per worker) of low valued added
Assuming an economy with no government and no foreign trade. Measure GDP for the following output scenario: There are three firms: firm A is a minning company, firm B is a stee
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