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functions of money in any modern economya medium of exchange money facilitates the exchange of goods and services because people exchange the goods
features of monopolistic competitionlarge number of firms in the industry there are many small firms each supplying only a small share of the total
sources of monopoly powerthe main sources of monopoly power include the followingi control of the entire supply of a basic input it only one firm has
monopolymonopoly is a market structure in which there is a single firm producing a commodity or providing a service that has no close substitutes as
perfect competitionperfect completion refers to the market structure in which there are a large number of relatively small firms each firm having
problems of population censushigh cost of census censuses are supposed to be conducted at a 10 year intervalthe high cost of conducting census has
uses of population censusit is used to determine the size and the growth rate of the population at a countrythe helps the government in planning for
population censusa population census is the head count of people living in a geographical area or in a country a population census collects
available resources with the desired goalsto match the available resources with the desired goals the complementary nature of some investment
foreign investmentto attract foreign investment ndash developing plans are used as a means of attracting foreign investment or foreign aidforeign
private benefit and social benefitbridge the gab between private cost and social cost and private benefit and social benefitunder perfect market
reasons for development planningto maximize the utilization of economic resources the resources of any nation are not always enough for her use in
development plana development plan is a document which contains a policy framework and programme of development for a time period for a country it
vulnerability in international relationsdominance dependence and vulnerability in international relationsa greater volume of ghanarsquos exports
dependence on agricultural productiondependence on agricultural production and primary product for exports the external sector comprises imports and
low levels of productivity in addition to low standards of living developing countries are characterized by relatively low levels of labour
health and life expectancy in addition to struggling on low income many people in the developing nations fight a constant battle against malnutrition
low standards of living in developing nations general standards of living tend to be very low for the vast majority of the people these low standards
capital formation growth economists believe that accumulation of capital is one main source of growth of an economy emphasis is given to the
sources of economic growthhuman resources investment in human capital is considered as an important factor for economic growth this is done by
economic growth and economic developmenteconomic growth refers to an increase in real aggregate output real gdp reflected in increased real per
economic growtheconomic growth refers to an increase in real aggregate output real gdp reflected in increased real per capita income a country is
uses of balance of payments accountit removes the uncertainty associated with the flexible exchange rate regime and brings stabilityit also
balance of payments accountthe foreign exchange market is an organizational setting within which individuals business firms banks etc buy and sell
official reserve accountthis part of the balance of payments informs us about how the balance of both current and capital accounts taken together is