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Explain about the term Traditional Economy.
Traditional economy:
It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. As like an example, men follow the occupation of their father as for example, farmer while women are normally homemakers preparing meals. Land is normally held into common that is private property is not well described.
In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
critically evaluate the two main utility theories
The amount of a good or service that a consumer is willing and able to buy at each particular price
Task 1 Your line manager has asked you what you think the accounting department's role is in relation to the organisation. In your group, discuss the main purpose of accounti
negative externalities
QUESTION (a) Explain the relationship between scarcity, choice and opportunity cost. (b) Distinguish between centrally planned, laissez-faire and mixed economic systems rega
Problem 1: (i) Assuming a Cournot duopoly where the market demand is estimated as: P = 100 - Q The marginal cost is estimated to be constant at Rs. 10 for the two fir
Problem 1: "African Caribbean and Pacific (ACP) countries no longer have preferential access to the European market for their exports, except under provisions of „Special and D
Australia has emerged from the Global Finance Crisis (GFC) as "the strongest economy in the developed world" (Editorial, The Australian, 11 December 2009). The economic editor of T
Define the term project initiation in project management methods. Project initiation: It is a main control point in a project as this is where the Project Board gives for
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