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MEASURES TO PROMOTE GROWTH:
In view of the recent global experience, the following steps need be taken to accelerate the rate of growth.
1) Mastering and constantly improving process technology with just-in-time inventory systems, inter-active supplier relationships, total quality management (getting it right the first time to economise on inspection, reworking, retesting and warrantly claims), a production system driven by computer-aided design/manufacture, rapid retooling processes and delivering enhanced product value at the lowered costs which follow economies of scale.
2) Focussing on seven key sectors: microelectronics, biotech, polymers, telecom, robotics and 'smart' machine tools, information technology and civil aviation.
3) Practising economic discipline with a high savings rate to generate capital.
What is the substitution effect?
Problem 1: a. Describe the term ‘inflation' and explain the relationship between money supply and inflation. b. Describe the conditions and processes that are associated wi
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