a) As economy develops‚ the relative importance of different sectors of production changes. Explain‚ with examples‚ why the pattern of employment might change as an economy develops.(12) Ways to develop in advanced and backward countries--result of such development How the employment pattern changes throughout the development Education lead to a growth in service sector A development of an economy‚ for developed countries‚ may mainly rely on technological innovation‚ and for developing countries;
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price of those goods. Nothing was in your realm of jurisdiction. This may sound familiar to some. This type of economy is known as a controlled or planned economy‚ some communist countries use this economic system‚ such as‚ Cuba‚ North Korea‚ and the former Soviet Union. Now‚ let’s jump to the other side of the economic spectrum to free enterprise or free market. Unlike a controlled economy‚ a free enterprise allows individuals to have the freedom to: private property rights‚ voluntary contracts‚ and
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literature on the underground economy has avoided a common usage and has instead offered a plethora of appellations including: subterranean; hidden; grey; shadow; informal; clandestine; illegal; unobserved; unreported; unrecorded; second; parallel and black.[1] This profusion of vague labels attests to the confusion of a literature attempting to explore a largely un-chartered area of economic activity. There is no single underground economy‚ there are many. These underground economies are omnipresent‚ existing
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IT-Based Organization in the Digital Economy Chapter Preview This chapter discusses how business is done at the beginning of the twenty-first century and the fundamental and powerful roles that information technologies play in helping businesses survive and prosper in today’s dynamic‚ competitive‚ global environment. We describe how various types of pressures‚ particularly new technologies‚ are forcing businesses to transition from the Old Economy to the New Economy. We show you how any information
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Discuss the extent to which economic growth may benefit the economy. (18) Economics growth is‚ it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as
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In this document of ECO 203 Week 5 DQ 2 Economies in Transition you will find the next information: The movement in the direction of a market-based system with freely determined prices‚ competition‚ profits‚ private ownership‚ and other features of capitalism is not simple. Discuss some of the challenges associated with an economy transitioning from socialism to capitalism. Economics - General Economics Economies in Transition. The movement in the direction of a market-based system
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An essay on Robert Gilpin “The Nature of Political Economy” This chapter introduces differences and similarities between politics and economics. Both of them affect one another. In another hand‚ politicians and economists have different ideas and consumptions about the same facts. Also‚ they choose different ways of analysis. Moreover‚ Mr. Gilpin talks about the importance of the understanding the nature of political economy. In today’s rapidly changing world‚ where globalization takes place and
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Politics and Economy Mendoza‚ A.; SocSci 2 WBYDX John Stuart Mill’s social‚ political‚ and economic philosophies are widely applied in the Philippine setting. His conception of social liberty‚ feminism‚ political democracy and economic democracy is practiced in the country‚ although not holistically applied or not well-carried out at some cases. Philippines‚ as a democratic country‚ adapts the libertarian culture that Mill believes to be the best for achieving intellectual and social development
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Geography Past Paper Question: June 10 * Discuss the impact of Newly Industrialised countries (NICs) on the global economy. The NICs originally attracted a lot of inward investment such as FDI from TNC’s which originated from MEDCs. The reasons were that NICs had a large labour force which worked for cheap wages. They also had cheap land‚ friendly govt legislations‚ cheap available raw materials and reduced import and export tariffs. The manufacturing industry was first to move and so the NICs
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Trends in Indian Economy- An impact of FDI in various sectors. Submitted To: Dr. Yamini Karmarkar Submitted By: Ajay Gulani “Recent Trends in Indian Economy- An impact of FDI in various sectors” INDEX Abstract Introduction Research Question and Objective Literature Review Research Methodology Expected Outcome Bibliography ABSTRACT FOREIGN DIRECT INVESTMENT is an important catalyst for accelerating Indian economy. The productivity
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