As Robert Neuwirth‚ who is a former business reporter‚ defines the informal sector or informal economy is that part of an economy that is not taxed‚ monitored by any form of government‚ or included in any gross national product (GNP)‚ unlike the formal economy. Other terms used to refer to the informal sector can include the black market‚ the shadow economy‚ and the underground economy and how he refers it mostly is System D. The original use of the term ‘informal sector’ is attributed to the economic
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United Arab Emirates (UAE) economy The United Arab Emirates economy is one of a kind that is referred as an open economy. The economy has very high per capita income with substantial annual trade surplus. The economy’s GDP that relates to oil and gas output has so far reduced in percentage up to 25%. This reduction has been experienced due to the successful efforts made in diversifying the economy (Katzman‚ 2010). UAE for a long time in the past was known to be a poor economy characterized by fishing
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Transition Economies Ms. Cummins Words: 826 (without citation) 1‚006 (with) Many countries these days have switched from a command to a more market orientated economy. This process is called a transition in which many countries have taken‚ including Ecuador. Prior to being a market economy‚ Ecuador was once a command economy which is an economy that has all its decisions made by a central government such as: what to produce‚ how to produce it‚ and for whom to produce. Ecuador’s economy depends heavily
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Barter economy The non-cash exchange of goods and services is known as barter. Bartering was common in earlier societies‚ but is rare in an advanced economy with a stable currency. Barter usually replaces money as the method of exchange in times of monetary crisis. This can occur when the currency may be either unstable or simply unavailable for conducting commerce. A barter exchange operates as a broker and bank. In this type of exchange each participating member has an account that is debited
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CORPORATE BOND MARKET DEVELOPMENT IN KENYA There are several good reasons for developing bond market. The most fundamental reason is to make financial and capital market more complete by generating market interest rates that reflect the opportunity cost of funds at each maturity. This is essential for efficient investment and financing decisions. Moreover the existence of tradable instruments helps risk management. Further the use of financial guarantees and other types of underwriting is becoming
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CURRENT ECONOMIC SITUATION 2 Introduction The current macroeconomic situation in the United States of America according to the article Economy in the United States that it is the world’s largest national economy‚ but has been going through a shaky economy. In 2010 the nominal GDP was around $14.7 trillion dollars. It also is a very high output when looking purchasing capita. The U.S. is one of the largest trading nations in the world with its
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Economy of Singapore Singapore is a highly developed trade-oriented market economy.[10][11] Singapore’s economy has been ranked as the most open in the world‚[12] least corrupt‚[13] most pro-business‚[14] with low tax rates (14.2% of Gross Domestic Product‚ GDP)[15] and has thethird highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP). Government-linked companies play a substantial role in Singapore’s economy‚ which are owned through the sovereign wealth fund Temasek Holdings
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opportunities and challenges. The article ‘BHP Billiton and Rio Tinto: Seizing opportunities in China’s Dragon Economy’ written by Breda McCarthy encapsulates this transition; extrapolated through the variances in the economic state and rate of progression‚ which is directly intertwined with the variances in political‚ cultural and legal perspective. The rapid progress in China’s economy has made it the ideal target market for Australian mining giants BHP Billiton and Rio Tinto‚ as per “World Bank
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them personally accountable and responsible to Parliament on the use of the same. The Accounting Officer has the power of summoning any officer to whom he has delegated authority to personally account for disbursement/commitment of public funds in case wastage and misuse is suspected. RESPONSIBILITIES OF THEACCOUNTING OFFICER: Section 27 (2) of the Public Procurement and Disposal Act provides that the Accounting Officer shall be primarily responsible for ensuring that the procuring entity
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Economy Overview In the Australian economy there has been a continuous growth and features a low unemployment‚ contained inflation‚ very low public debt‚ and a strong and stable financial system. Australia had experienced more than 20 years of continued economic growth‚ averaging 3.5% a year. Australia was comparatively unaffected by the global financial crisis‚ Australia has benefited from a dramatic surge in its terms of trading in recent years. Australia has the best exporter of natural resources
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