How the central problems are solved in a capitalist economy? A capitalist economy has no central planning authority to decide as to what‚ how and for whom to produce and in the absence of any central authority; it looks like a miracle as to how such an economy functions. There can be confusion and chaos in the country when the producers choose to produce cloth and workers choose to work for the furniture industry‚ while the consumers are in need of cars. In order to solve the central problems
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Current State of the Indian Economy The current scenario of Indian economy has been characterised by optimistic growth and strong macro-economic fundamentals‚ particularly with tangible progress towards fiscal consolidation and a strong balance of payments position. The advance estimates (AE) of Gross Domestic Product (GDP) at factor cost for 2006-07 has been placed at 9.2 per cent. The industrial sector has shown impressive growth in the current year. Year-on-year industrial growth of
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Abi Asmerom Triple Constraint What is the Triple Constraint? The triple constraint of project management is the balance of the project’s scope‚ time and cost. Triple constraint is used to determine whether or not a project’s objectives are being met. During the planning phase of a project‚ a project manager will define the scope‚ time‚ and cost of a project. As the planning phase continues‚ the project manager discovers that there may be some changes or adjustments needed in the
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price is$100. c. What are the equilibrium price and quantity? d. Suppose the government sets a price ceiling of $80. Will there be a shortage‚ and‚ if so‚ how large will it be? 2. Refer to Example 2.4 on the market for wheat. At the end of 1998‚ both Brazil and Indonesia opened their wheat markets to U.S. farmers. (Source: http://www.fas.usda.gov/) Suppose that these new markets add 200 million bushels to U.S. wheat demand. What will be the free market price of wheat and what quantity will be
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INTERNATIONAL MONETARY SYSTEM & MULTULATERAL DEVELOPMENT BANKS Meaning International Monetary System refers to the system prevailing in world foreign exchange markets through which international trade & capital movements are financed & exchanges rates are determined. MNCs operate in a global market‚ buying/selling/producing in many different countries. For example‚ GM sells cars in 150 countries‚ produces cars in 50 countries‚ so it has to deal with hundreds of currencies. What are the mechanics
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are affected by the world we live in‚ which is always changing. Since the world is always changing‚ what is considered "modern" will never stay the same. Everyday new ideas are being thought‚ knowledge is being created‚ and new relationships are formed. As long as time keeps changing‚ the three terms will too. Going back to the quote before‚ nothing lasts forever. No one really agrees as to what modernity‚ postmodernity‚ and globalization really mean. There are various opinions on each term. The
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which they have grown up and from which they have adopted their values and standards of behavior. However‚ the problem is that one may view other cultures not only as different‚ but also as inferior‚ with a great danger of behaving in ways that are damaging to those from other cultures. However‚ as increasing globalization brings different cultures together‚ people are learning to overcome their self-centered thinking and see human society from a broader‚ more inclusive perspective. The term ethnocentrism
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Homelessness is defined as people who are living in places not meant for human inhabitance where they temporarily reside. Among youth in the United States‚ homelessness dates back as far as the country’s earliest history. Adolescents deviated and went off on their way to seek economic opportunity and adventure while the country was being expanded westward. During the 1800s‚ a widespread of homelessness among poor immigrant youth who were unwanted and unneeded in the workforce was taking place. Later
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opinion‚ recyling is very important to the communities in the United States for enviormental protection. At my current‚ place of residence‚ is the first time I have ever experienced using multiple bins for trash and recycling. Although it may reduce‚ the amount of added waste to most landfills by a certain percentage‚ it can also be‚ rather costly to citizens‚ businesses and home owners in certain communities and areas in the United States of America. For example‚ The City of Boston‚ does not
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the government uses to determine the appropriate level of taxes and spending necessary to deal with recessions‚ inflation‚ and unemployment. This is accomplished by the government deliberately making changes " in either government spending or taxes to stimulate or slow down the economy" (Colander‚ 2004‚ p. 583). The methods used to accomplish such are identified as expansionary fiscal policy and contractionary fiscal policy. Expansionary fiscal policy can be used to bring an economy out of a recession
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