continent of Asia and the growing prominence of the Middle East. A nation with unique multicultural and religious denomination‚ I can only say that this sub-continent country can become a Superpower economy by 2020. First‚ we set our sights to the Energy sector specifically India’s biofuel industry. It is an established fact that the country is the "world’s seventh largest energy producer‚ accounting for about 2.49% of the world’s total annual energy production." In this regard‚ the need for an
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The service sector‚ also called the tertiary sector‚ is one of the three parts of the economy in the Three-sector hypothesis. This hypothesis breaks the economy into three main areas so it can be better understood. The other two are the primary sector‚ which covers areas such as farming‚ mining and fishing; and the secondary sector which covers manufacturing and making things. The service sector provides a service‚ not an actual product that could be held in your hand. Activities in the service
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ECONOMIES OF SCALE Economies of scale are the cost advantages that a business can achieve by expanding the scale of production. That is‚ when long-run average costs (LRAC) fall. Overhead costs (fixed) are spread over more units produced. Overhead costs (fixed costs) are spread more when more units are produced. These lower costs are an improvement in productive efficiency and can benefit consumers in the form of lower prices. Units produced Total cost Average cost
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1815‚ with an increase in its exports during the two first decades of the nineteenth century. It accounted from 7% volume export to being the most valuable export (E‚ Horton & Oliver Horton‚ 2005). By 1860‚ cotton had become so important for the economy of the United States that by this year‚ exports of this commodity were estimated for 191.81 of the 250.53 million dollars of the total volume exports according to Rand Mcnally and
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Primary sector of the economy The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture‚ forestry and fishing‚ mining‚ and extraction of oil and gas. This is contrasted with the secondary sector‚ producing manufactures and other processed goods‚ and the tertiary sector‚ producing services. The primary sector is usually most important in less developed countries‚ and typically less important in industrial countries. The manufacturing
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* Topic Index Home > Publications and Research > Speeches > Transport and Logistics - Connecting Canada to the Global Economy Transport
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History of the Chinese economy Although this is not a historical essay we simply cannot understand the Chinese evolution without first taking a brief look at their history. Beginning with the fall of the Qing dynasty which lasted from 1644 to 1912‚ the country soon became embroiled in a civil war headed by warlords that emanated from the Qing dynasty and blighted most of the newly established Republic of China. These civil wars officially lasted until 1928 but some minor warlords still operated
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United States Economy Changes in the structure of global production and trade have been difficult for certain sectors of the U.S. economy. As other countries have developed new manufacturing capacities‚ the lower wages of workers in those countries have given them a cost advantage relative to manufacturing in the United States. This has led to a steady increase in U.S. imports of manufactured goods that are cheaper than equivalent domestic goods. It has also prompted a number of U.S. companies
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The economies of the world have become increasingly globalised and interdependent over the last two decades (Casey & Fair 1999‚ 449). Countries across the world are continuously involved with each other via trade‚ investment‚ communication and travel. Economic events in one country can have repercussions on the economies of other countries‚ as no economy operates in a vacuum or is completely closed. Nearly all economies are open economies (Hubbard et al 2010‚ 614). Openness has given societies
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How Education And Training Affect The Economy February 25 2012| Filed Under » Economics‚ Post-Secondary Education‚ Young Investors Why do most workers with college degrees earn so much more than those without? How does a nation’s education system relate to its economic performance? Knowing how education and training interact with the economy can help you better understand why some workers‚ businesses and economies flourish‚ while others falter. See: Keeping Up With Your Continuing Education
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