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Explain about theories and models linked to development.
• There is no one agreed theory of development. All models, as Rostow, provide an insight in one or two dimensions of the complicated process of development.
• Theory is utilized to analyse and calculate development. Be familiar along with their predictions, weaknesses and assumptions
• Do not be troubled to adopt a critical outlook of the validity of models and their guesses. Be balance and define your analysis along with recent case study evidence.
What are the major area of decision making ? How does economic theory contribute to managerial decision ?
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