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How does sectoral change enhance development?
The Lewis Model argues economic growth needs structural change into the economy whereby surplus labour into traditional agricultural sector along with zero marginal products that migrate to the modern industrial sector, here their marginal product is much higher.
The Rostow model classifies a progression through primary orientated production along with low value added to manufacturing and services along with high value added.
Shifting resources through low productivity primary zone to higher productivity sectors increase output and income.
What are the processes of industrialisation for productivity? The process of industrialisation increases productivity and per capita incomes and includes: a. Urbanisation
difference b/w statistics in singular and plural sense
Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competitio
why do businesses have to sped money (expenditure)in order to succeed?
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
What is social exclusion? Social Exclusion: Social exclusion arises while people are denied access to goods opportunities taken as normal in a society. In several develo
Discuss, using examples the economic consequences of a sudden monopolization of an industry that had been previously been competitive
Problem 1: (a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this i
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the comm
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