capital is therefore a vital factor of production‚ seemingly the most prominent of all the other types of Capital. Owing to increasing population growth in Kenya‚ labor is not a hindrance to development. In fact‚ people export their workforce to the United States of America through the famous Green card lottery. There is more than this in economic development process.
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EXPLANATIONS OF THE ECONOMIC SUCCESS OF EAST ASIA NATIONS: Introduction The economic success of the East Asian countries has inspired many economists to study the background of their rapid growth. Interestingly‚ different economists interpret this success in entirely different ways. During the 1970s and an important part of the 1980s advocates of the neoclassical model argued that growth in East Asia was the result mainly of the market mechanism and the emphasis on export promotion in these
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Economics Reviewer (For IV- Understanding ONLY) Market – the medium in which buyers and sellers interact. (Note: its meaning is not limited to a location or geographical area‚ it also focuses on people who are WILLING and ABLE to buy and/or sell goods and services. Two major players/actors in the market: Buyers & Sellers Market Equilibrium: when buyers and sellers agree at a certain price and quantity to transact Price Equilibrium: price agreed by both buyers and sellers. Quantity Equilibrium:
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MICROECONOMICS CHAPTER 1 INTRODUCTION TO ECONOMICS ____________________________________________________________________________________________ 1.0 INTRODUCTION – THE SUBJECT MATTER OF ECONOMICS Economics comes from the verb ‘to economise’‚ and this means making ends meet. This is a study of how society makes decisions‚ regarding the allocation of scarce resources. Economics as a subject is divided into two parts; Economics‚ social science concerned with the production‚ distribution
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India super growing economic power Submitted by: MUHAMMED FAZAL K Preface India is a new emerging economic power in the world. Though the 21st first decade saw a global level financial crisis‚ India didn’t wilt under its pressure due to it’s the Government’s progressive policies and full-fledged reforms. Particularly‚ nationalization and liberalisation were the real saviors of India from the recession. Also‚ the national sectors and global raid helped to maintain the economy in proper way.
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“Global Economic crisis: Impact on IT Industry in India.” Abstract: Globalization has ensured that none of the economies of the world stays insulated from the global economic crisis. But there was a general belief that the emerging economies could remain largely apart from the global economic meltdown and provide an alternative engine of growth to the world economy. The effect of the crisis on the Indian economy was not significant in the beginning. The argument soon proved unfounded as the global
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Assume a consumption function that takes on the following algebraic form: C = $100 + .8Y. Assume that Y = $1000 what is the level of consumption at this income level. C = $100 + .8($1000) = $100 + $800 = $900. 1. Using the above figure calculate the marginal propensity to consume between the aggregate income levels of $80 and $100. Also explain why this consumption function is linear. The marginal propensity to consume is equal to $15/$20 = .75. The consumption
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Production and growth : In the long run‚ the higher saving rate leads to a higher level of productivty and income‚ but not to higher growth in these variables. Catch-up effect : Countries that start off poor tend to grow more rapidly than countries that start off rich Y=C+I+G S=I S=(Y-T-C) + (T-G) = private saving – public saving. Because a high interest rate makes borrowing more expensive‚ the quantity of loanable funds demanded falls as the interest rate rises. The supply
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China’s Economic Rise: History‚ Trends‚ Challenges‚ and Implications for the United States Wayne M. Morrison Specialist in Asian Trade and Finance September 5‚ 2013 Congressional Research Service 7-5700 www.crs.gov RL33534 CRS Report for Congress Prepared for Members and Committees of Congress China’s Economic Rise: History‚ Trends‚ Challenges‚ and Implications for the U.S. Summary Prior to the initiation of economic reforms and trade liberalization 34 years ago‚ China maintained
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Vibrio natriegens‚ who are curved-rod shaped microorganisms‚ they elongate to almost twice their own size and form a dividing wall in which splits the single cell into two daughter cells (Madigan et al.‚ 2015). There are four phases to bacterial cell growth: the lag phase‚ which is a period where bacteria are maturing and adjusting to the environment. During this phase‚ RNA synthesis‚ production of ribosomes‚ enzymes and other molecules occur (Mullenger‚ 1973). This is followed by the exponential
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