purpose of the British colonial rule in India was to reduce the country to being a feeder economy for Great Britain’s own rapidly expanding modern industrial base. * Conditions in the Indian economy on the eve of independence: (i) Low level of economic development : the colonial govt‚ never made any sincere attempt to estimate India’s national and percapita income. The estimates given by Dr VKRV. Rao growth of GDP was only 2% while the growth of percapita output was just 1/2 (0.5) percent.
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interested in developing its own technology to take advantage of the situation. In economics‚ the concept of scarce resources‚ it is very important. According to “Investopedia” (2014)‚ we can define a scarcity of a problem that arises because people have unlimited desires‚ but resources are limited. Due to the shortage‚ some trends and economic decisions must be made to allocate resources efficiently. In economic terms‚ the resources include land‚ labor‚ capital and entrepreneurial ability. All
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Fiscal Policy Lets begin with the obvious‚ Fiscal Policy is when modern government spend a great deal of money and collect a lot in taxes. The government of the United Sates plays a smaller role in the economy than those of Canada or most European countries. Those roles are still sizable‚ meaning that the government plays a major role in the U.S. economy. Changes in the federal budget changes in government spending or in tax policy can potentially have large effect on the American economy. To
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INTRODUCTION TO THE STUDY According to the Oxford Dictionary of Economics‚ monetary policy is the use by the government or central bank of interest rates or controls on the money supply to influence the economy. The Central Bank of every country is the agency which formulates and implements monetary policy on behalf of the government in an attempt to achieve a set of objectives that are expressed in terms of macroeconomic variables such as the achievement of a desired level or rate of growth
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Supply Issues in Health Care Chastity Shelton HA415: Healthcare Policy & Economics February 3‚ 2015 Professor Chelsea Allen Supply Issues in Health Care For five decades nurse practitioners have been providing safe‚ effective‚ quality primary care services to all ages and populations. As a testament to their commitment and excellence nurse practitioners are being chosen as provider of choice by millions of Americans. Becoming a skilled provider is a dynamic process that occurs over time. Effective
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Introduction THE NATIONAL INCOME One of the basic questions facing economics centers on whether the total output of goods and services is growing from year to year or it remains static. This question is very important because countries are keenly interested in the performance of their economy. National income estimates enable countries to calculate the total production of goods and services in a year. The lecture also focuses on the measurement of national income and their problems‚ uses
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final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. What is the difference between a scarcity and a shortage? |a. |A scarcity occurs when producers will not or cannot offer goods or services at the current prices‚ and a shortage occurs| | |when there are limited quantities to meet unlimited wants. | |b. |Scarcity is the effort that people devote to a task
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Product Pricing Component ECO/561 Product Pricing Component Consumers choose goods and services that are a representation of the wants and needs. Companies produce goods and services according to the immediate needs of the customers in hopes to increase profits by retaining current customers and gaining new customers. Managers focus on designing products and services that make the product. Components of product pricing include the core benefits of the product to consumers‚ the actual product
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w w ap eP m e tr .X w STANDARDS BOOKLET FOR BUSINESS STUDIES om .c s er GCE Advanced Subsidiary and Advanced Level Business Studies 9707 CONTENTS PAGE Introduction 1 Questions and Responses 3 Appendix 1 Question paper 9707/1 and Mark Scheme 41 Appendix 2 Question paper 9707/2 and Mark Scheme 47 Appendix 3 Question paper 9707/3 and Mark Scheme 55 INTRODUCTION The AS/A level (9707) Business Studies examination papers are based
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priority in the conquest. Entry into the EEC and abolishment of Labours industrial policy were the breakthrough areas to focus on strengthening market forces. The financial sector would be used as a means of distributing investment funds‚ whilst also regulating accretion by pursuing more sound monetary policies. ‘Competition and Credit Control’ was designed to give the control of money a more instrumental role in economic policy. Heath further transferred responsibilities to market forces with interest rates
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