Market model vs state welfare model of development
Answers
The market model is used to illustrate how the forces of supply and demand interact to determine prices and the quantity that is sold. This model is important because many other models are variations of it, such as the market for loanable funds and the foreign exchange market.
The term "welfare state" refers to a type of governing in which the national government plays a key role in the protection and promotion of the economic and social well-being of its citizens. The welfare state is sometimes criticized as being a "nanny state" in which adults are coddled and treated like children.
Answer:
The term "welfare state" refers to a type of governing in which the national government plays a key role in the protection and promotion of the economic and social well-being of its citizens. ... The welfare state is sometimes criticized as being a "nanny state" in which adults are coddled and treated like children.
The market model is used to illustrate how the forces of supply and demand interact to determine prices and the quantity that is sold. This model is important because many other models are variations of it, such as the market for loanable funds and the foreign exchange market.
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