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Sources of external economies of scale:
Economies of Skilled Labour:
This involves upgrading the skills of labour through the provision of education and training facilities in a well-organised industry. This ensures that education and training of labour do not become part of the industry’s daily operations but rather some specialized institutions take over the performance of these functions. This is often easier in well-organised industries than less organized ones. Such education and training culminate in economies of manpower development and generally lower the cost of production in the industry.
Formal and Informal systems - MRP System Most production systems are full of 'pushes' and 'pulls'. The formal system issues orders, ie 'pushes'. The informal system tries to
BALANCE OF PAYMENTS AND PROBLEM OF DEFICITS: The principal tool for the analysis of the monetary aspects of international trade is the balance of international payments set
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
equilibrium of production
Question : (a) Using a simple example, diffrence between inter - industry trade and intra - industry trade? (b) Illustrate the reasons for the existence of external economie
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 commod
the conclusion
Trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment. This case which is intensely associated with the idea of
define law of demand
Dividends:Several companies pay a cash dividend (annually orquarterly) to the owners of its shares. This is an enticement to investors to buy that company's shares and signifies a
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