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Gorbachev’s reforms

During the 1970s growth had slowed down and by the time Gorbachev came to power in 1985 many people were pressing for fu..
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Economics and science

The methodology employed by economists has a lot in common with that employed by natural scientists. Both attempts to co..
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Early days of Radio

Radio astronomy has greatly increased our understanding of the universe. Radio telescope have one bi advantage over conv..
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A look at the Free Market Economy

The fact that a free market economy functions automatically is one of its major advantages. There is no need for costly..
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Macroeconomics

Because things are scarce, societies are concerned that their resources should be used as fully as possible, and that ..
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Concept of Scarcity and Abundance

The central economic problem is scarcity. But are all goods and services scarce? In anything we desire truly abundant? ..
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Adam Smith

Many economists would argue that modern economics dates from 1778. That was the year in which Adam Smith’s an inquiry in..
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Economic Reasoning

Economics is one of the social sciences. So in what sense is it a science? Is it like the natural sciences such as physi..
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Application of demand and supply to Markets

Leave things up to the market. The market will sort if out. It’s what the market wants. You can’t buck the market. Th..
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How Planning was done in the Soviet Union

The Bolsheviks under the leadership of Lenin came to power in Russia with the October revolution of 1917. The Bolsheviks..
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Determinants of House Prices

House prices are determined by demand and supply. If demand rises or if supply falls, the equilibrium prices (the price ..
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Economic Indicators

Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Even ..
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