1. Adam smith
As society grow to include more people, human tastes and preferences continually grow, creating an inevitable conflict between the magnitudes of human wants and the availability of resources for satisfying them. ... People are allowed to organise themselves into business units where they organise factors of production. ... As a result, the system allows the allocation of a society's limited land, labour, and financial resources toward the kinds of production that most nearly satisfy the tastes and preferences of its people. ... And as resource allocation in the free market economy depends...
Globalisation The word globalisation has become a buzzword since its inception at the beginning of the 1990s. A cottage industry on globalisation has emerged from which academics and intellectuals make a living by writing articles and travelling the world debating with others. The financial and business sections of broadsheet newspapers are continuously littered with issues concerning globalisation and meetings are frequently held by the superpowers to discuss the state of the global economy, such as the meetings in Doha in Qatar, Cancun in Mexico and the IMF summit in Dubai. As a result of...
A lot of people little firms work under states of monopolistic competition, including freely possessed and worked high-road stores and restaurants. ... Monopolistically focused firms are thought to be benefit maximisers on the grounds that firms have a tendency to be little with business people effectively included in dealing with the business. 9. ...
Kenya, the land of great sceneric beauty and friendly people, lies in the eastern part of Africa. ... It is with Tanzania and Uganda that Kenya formed the East African community The main features of Kenya are: its economy, its agriculture, its people, and its social activities. ... Before the turn of the twentieth century, Kenya was mainly inhabited by the African peoples and its economy was almost entirely at a subsistence level. ... Since the African peoples were not allowed to engage in cash crop farming, to pay this tax they had perforce to seek wage employment. ... The political a...
He also believed that the wealth of a nation consists in the well being of the mass of ordinary citizens. "Smith tried to convince people that the wealth of a nation would be promoted with vastly greater effectiveness by the obvious and simple system of natural liberty than by national planning of the mercantilist sort" (Smith 391). ... Smith had a very negative view towards government and said, "There is no art which one government sooner learns of another than that of draining money from the pockets of people" (Kilcullen 3). ... In Wealth of Nations Smith tries to explain why people hav...
THE SOUTH AFRICAN ECONOMY Brief economic history During the 1960s the South African economy expanded at an annual average rate of 5,5 percent and experienced average inflation of 2,4 percent. This compared with annual growth of 5,0 percent in industrialised Organisation for Economic Corporation and Development (OECD) countries and inflation of 2,9 percent. Dollar per capita income grew 73 percent during the decade. The 1970s were turbulent years internationally and the domestic economy grew by only 3,2 per cent per annum (versus 3,4 percent in OECD countries). Relative economic performan...