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Economic growth and Economic development:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.
Economic development is a sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services.
2. Suppose the price of printing paper for digital cameras has recently risen by 10 percent due to an increase in the cost of materials used in the finish for the paper. As a resu
Marketing Economies: These are derived from the bulk purchasing of inputs and bulk distribution of outputs. A large firm is able to buy its raw materials in larger quantities
E-goods are returning to price levels which we thought they had left behind, again the inevitable price elasticity. Why is it so certain that price elasticity will cause those pric
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a
Mrs Holt, 85 years old, has been admitted to acute care following a fall resulting in a fractured femur. She is a widow and lives alone with her three cats for company. a) What
Reorder Point Techniques Systems based on reorder points assume that demand is uniform and predictable and that there is no true identifiable time of need. Hence, stock must a
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
Elimination of waste - Stock Management Here is a definition of the elimination of waste: Anything other than the minimum amount of equipment, material, parts and working t
Natural Factors: Seasonal variations may affect the demand for a commodity at certain times of the year. For example, during the raining season, demand for commodities such as j
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