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Explain three major barriers to development experienced by developing countries.
Well, the scope of possible answers here is, em, wide, to say the least. The issue is not to simply list three barriers, but to show and explain how they impact on the development process. For example, the poverty cycle of low income → low savings → low investment → low income etc is a good example - as long as the answer shows clearly how these are linked.
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Five identical people live in a small town and can earn a living either by having cattle $100 or by becoming a singer. If one person competes their expected payment is 210, if two
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A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
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