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The main features of outward-oriented and inward-oriented development strategies.
Inward- oriented as focus on reducing domestic reliance on imports by executing high barriers to trade and channelling government resources towards specified domestic industries.
Outline import-substitution; The rather dismal results of import-substitution contain a strong political rather than economic philosophy , focus on domestic champions which reduced competitiveness, failure to identify winning industries, squandered government resources on goods for which there was no competitive benefit, forward linkage effects and a lack of capital/ skills/ knowledge transferred from abroad
Securitization: A process in that financial relationships (like loans) are converted into financial securities or assets (like bonds) that can be bought and re-sold in securities m
law of diminishing marginal utility its assumptions, limitation, and its practical importance
Healthcare Reform is currently in the news almost every day. The current approach proposes a government sponsored health insurance “market” to help control costs and make healthcar
"As long as consumers are willing to pay a positive price for a good, the larger is the quantity formed, the greater is the total surplus from trade." Explain this statement if i
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
Amartya Sen''s concept of poverty and welfare.
Using a diagram explain the equilibrium point of a monopoly
Type of total outlay
Why firm charges different prices to different consumer? Every firm needs to maximize its profit. When goods are sold to different customers, each customer negotiate price of
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
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