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In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
What are the factors of the economic sectors? The factors of the economic sectors: • Primary sector including natural resources as like agriculture, fishing, quarrying minin
The Concept of Equity is explained below: Equity represents that the principle of taxation which emphasizes fairness or just the sacrifice, which is everyone must pay the tax d
concep of ni
What are the major problems in measuring national income? The major problems in measuring national income: a. Unreliable statistics data collection is costly and the figu
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
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
Sampling and tests of significance are very important tools in business economics. In fact one cannot do any meaningful marketing research without the requisite knowledge of sampli
Growth in Private Capital Flows is explained below: There has been a extraordinary growth in private capital flows since the 1990s. For instance, the value of capital flow tran
What are the predictions of dependency theory? The predictions of dependency theory: • DCs exploit LDCs (Less Developed Countries) by extracting their surplus value. Surplu
What is the effectiveness of Non-Government Organisations, within the promotion of development? Critics argue NGOs (Non-Government Organisations): • Are self-serving and se
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