Elucidate facilitating factors that explain the growth
Elucidate facilitating factors that explain the growth of trade?
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1. Transportation technology has improved over the years.
2. Communications technology allows traders to make deals in trade and global finance very easily.
3. Trade barriers declined dramatically since 1940, and the trend toward free trade continues.
The theory of pricing for particular goods explained in Adam Smith’s Wealth of Nations is most consistent along with: (1) mercantilist doctrine. (2) Richard Cantillon’s distinction between “value in
Describe what do you mean by European Union (EU)?
This wages vary within inverse proportion to the agreeableness and constancy of the employment was a perception first explicitly stated through: (i) Adam Smith. (ii) Karl Marx. (iii) Thomas Malthus. (iv) John Stuart Mill. (v) David Ricardo.
What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
Illustrate and clarify the economizing problem?
Illustrate Competition among buyers and sellers is a controlling mechanism?
Economic efficiency is present while the: (w) economic system is a pure socialist system. (x) resources obtainable are slightly wasted. (y) value of output is maximized, specified restricted resources. (z) utilization of resources is minimized. <
Give a brief introduction of the term Risk Principle?
Elucidate various national currencies of foreign exchange market?
Both individual sellers and buyers within perfect competition: w) can affect the market price through their own individual actions. x) can affect the market price by joining along with some of their competitors. y) have to take the market price as a specified. z
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