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QUESTION
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) Distinguish between centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problem.
(c) According to you which of the above three economic systems is the best? Justify your answer.
what are the factors that affect the volume of production in economy
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What is an alternative process strategy to the assembly line that Wheeled Coach currently uses?
Question: Extract of the Speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Swiss Banking Global Symposium, Zurich, 16 November 2012
The prevention of main swings in economic activity can be handled most simply by the household sector. Explain why?
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Is population growth a problem? Quick population growth is a main cause of poverty and arises where population growth go beyond the rate of economic growth. Standards of liv
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What are factor endowment implications? Implications of factor endowment: • Less Developed Countries to specialise and export labour intensive goods, agriculture or commodit
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