What is HDI;(Human Development Index )How Is HDI Calculated?
Introduction to Economics

What is HDI;(Human Development Index )How Is HDI Calculated?

HDI stands for Human Development Index an important measure designed by the United Nations to assess the quality of life and economic development of a population .The Human Development Report (HDR) is prepared annually by the United Nations Development Program (UNDP) based on three criteria (Health, Education and Income), which are measured as follows: A long and healthy life ( Health ): life…

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Excise Duty:What It Is And How It Is Calculated
Introduction to Economics

Excise Duty:What It Is And How It Is Calculated

Excise duty  is a duty charged on imported or exported goods. Its purpose can be either to raise revenue or protect home producers, or both. An excise duty is a duty charged to raise revenue. The term Excise is confined to certain duties on home produced goods and services, and imports of the same goods are charged at an approximately equal…

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What Is Command Economy;5 Characteristics With Examples
Introduction to Economics

What Is Command Economy;5 Characteristics With Examples

Command economy is also called planned economy.The command economy is characterized by government economic sovereignty, rather than consumer sovereignty. The political leadership makes all major economic decisions. It determines inputs and outputs (prices, labor conditions, what will be produced. how resources will be allocated), thereby determining consumption patterns. Command economies are based on the belief that central planning and central…

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What Is Economic Development In Economy;What Does It Do
Introduction to Economics

What Is Economic Development In Economy;What Does It Do

Economic development is a process by which a population increases the efficiency with which it provides desired goods and services, thereby increasing per capital levels of living and general well-being. The process is a dynamic one, involving constant change in the structure and procedures of the economy. In relatively high-income countries, where a large and complex administrative structure and a…

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What Is An Economics; Five Facts You Must Know
Introduction to Economics

What Is An Economics; Five Facts You Must Know

What Is An Economics.Economics examines how people satisfy their unlimited wants and needs for goods and services with limited resources. More specifically, economics is the study of a process that involves choice making as people try to get the most satisfaction possible when they buy goods and services. The place where this choice-making process occurs is called the economy. If…

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