How can economic growth be improved?
A rise in aggregate demand Lower interest rates – reduce the cost of borrowing and increase consumer spending and investment. Increased real wages – if nominal wages grow above inflation then consumers have more disposable to spend. Higher global growth – leading to increased export spending.
What conditions must be satisfied if resources are used efficiently in the economy?
5. What conditions must be satisfied if resources are used efficiently? Resources are used efficiently when more of one good or service cannot be produced without producing less of some of another good or service that is valued more highly.
What is the key factor for socio economic growth?
To achieve this goal, “Human Capital and Public Capital Effects on Economic Growth” is focused on the effects of two traditional factors: human capital and public capital effects on economic growth.
What are socio-economic problems?
Socio-economic issues are factors that have negative influence on an individuals’ economic activity including: lack of education, cultural and religious discrimination, overpopulation, unemployment and corruption.
How are the basic economic problems solved in socialist economy?
In a socialist economy the basic economic problems are solved through planning. The government appoints a Central -Planning Authority which makes economic decisions. (iii) Production is controlled by the government. It is distributed in an equitable manner in order to satisfy the basic needs of all consumers.
What are the main functions of markets?
The main functions of markets are:
- to provide opportunities for the exchange of goods and for sales by producers in rural areas;
- to provide, at assembly markets, opportunities for the bulking-up and export of goods and produce to outside areas;
- to provide easy access to a wide range of produce for consumers;
Which of the following is a socio-economic factor?
Socio-economic factors include occupation, education, income, wealth and where someone lives.
Does economic growth eliminate scarcity?
Economic growth doesn’t eliminate scarcity because people’s wants still exceed what they are capable of producing. Thus trade-offs among scarce goods must still be made.
What is the fundamental fact of life from which all economic problems arise?
What is the fundamental fact of life from which all economic problems arise? The condition that results from limited resources combined with unlimited wants.
What are the levels of efficiency?
There are three levels, or degrees, of the efficient market hypothesis: weak, semi-strong, and strong.
What are the 3 major marketing functions?
Clark and Clark classified marketing functions into three main divisions:
- Marketing functions involving exchange, e.g., selling and buying.
- Marketing functions involving physical supply, e.g., storage and warehousing, and transportation.
How do we know if our economy is running efficiently or not?
Understanding Economic Efficiency In terms of production, goods are produced at their lowest possible cost, as are the variable inputs of production. Instead, economists look at the amount of loss, referred to as waste, between pure efficiency and reality to see how efficiently an economy functions.
What are the 9 marketing functions?
Top 9 Marketing Functions of a Business | Functions | Marketing Management
- Function # 1. Buying:
- Function # 2. Selling:
- Function # 3. Transportation:
- Function # 4. Storing:
- Function # 5. Standardisation, Grading and Branding:
- Function # 6. Market Financing:
- Function # 7. Pricing:
- Function # 8. Risk Assuming:
What is an example of allocative efficiency?
Allocative efficiency means that the particular mix of goods a society produces represents the combination that society most desires. For example, often a society with a younger population has a preference for production of education, over production of health care.