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Define the planned or command economy system.
Planned or command economy:
Resources are owned through the state. The state assigns resources, and sets production goals and growth rates as per its own view of people's requirements. Income distribution is decided through the state. Prices play small or no part into informing resource allocation decisions as well as queuing rations scarce goods.
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
Define economies grow of less developed countries by developing its secondary sector. Less developed countries economies grow by developing its industrialising: Manufacturi
What is the development gap? The development gap refers to the divergence between standards of living in the developed and developing world. As like Source World Bank:
What are the differences among developing economies? Developing countries are diverse. They can be different in terms of as: • Resource Endowment for example, a country is
Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
VARIOUS DEFINITIONS OF UNEMPLOYMENT
Importance of production.
factors that affect the volume of production in economy
What are the external constraints on government action less developed countries? External Constraints on Government Action LDCs face external factors beyond their control are:
How does culture influence the development process? Culture influences what is of value into a society and affects how individuals, communities and organisations react to modi
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