1.Characteristics of modern economic growth related to structural transformation
2.Explain the employment creation approach to development economics
3.Fundamentals economic arguments that led to the widespread acceptance of planning as a development tool in low developed countries
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Can you imagine a world without merchants, where we are left to our own devices to acquire goods and services without middlemen? Sounds like a harsh place to be. The sale and trade of goods defines much of the development and history of the world.
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Answer:Characteristics of growth.
1 High rates of growth per capita output and population.
2 High rates of increase in total factor of productivity (TFP); the ouput per unit of all inputs.
3 High rates of structural transformation of the economy.
4 High rates of Social, Political, and Ideological Transformation.
Propensity to trade.
Explanation:
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